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We are a dedicated claims management company specialising in financial mis-selling within the Irish Financial Services Sector. Our aim is to provide a solution and service to the thousands of consumers who believe they have been mis-sold or misinformed when obtaining financial products and services.

 

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Contact Address of Financial Claims Ireland is Finance Claims, Unit 8 Airport East Business Park, Farmers Cross, Co Cork. T. 0818 301 302 F. 021 2427525 Company Registration Number: 482122
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FINANCIAL MIS-SELLING

The mis-selling of investments and financial products within the Irish marketplace has been widespread for some time now. During the boom of the Celtic Tiger lenders and banks became like conveyer belt machines churning in applications and spitting out credit. In an overworked environment like this compliance and regulations were not always addressed accordingly and as a result mis-selling became widespread.
 

What is Financial Mis-selling?

Financial mis-selling occurs when a finance product is sold by a Bank, Lending Institution, Pension, Life or Investment Company to an individual or group without complying with consumer or financial regulator legislation and requirements. This includes:-

  • Failing to clearly explain the product being sold and why it suits a particular consumers requirement.
  • Failing to clearly explain the cooling off period and right to cancel
  • Failure to explain relevant charges and penalties for early termination
  • Failure to issue the consumer(s) with relevant documents within a set period of time
  • Increasing set interest charges without notification
  • Changing agreements and conditions without advising a client
  • Increasing credit limits without authorisation
  • Selling policies that are not required by consumers

What type of products may have been mis-sold?

There are multiple products within the Irish Financial Services Industry which may have been mis-sold. These products include mortgages, loans, credit cards, hire purchase agreements, payment protection insurance, mortgage repayment protection, income protection, investments, pensions and life assurance.

How do I know if I was mis-sold a finance product?

Financial Mis-selling has become rampant in recent years and only now has it come to light due to the fact that thousand of consumers are now investigating the credit and investments which are fast becoming a source of stress and strain. When you obtained the finance in question you would have been advised by the lender/bank or broker why that policy was suitable for you. If it was a protection policy such as payment protection insurance or mortgage repayment protection it should have had obvious benefits which you can now call upon to help you in your time of need. The problem however lies in the fact that the cover on these policies when called upon is often non existent and as a result the effects of mis-selling become abundantly clear.

Financial Regulator complaints statistics for Investments

Over 7,619 new complaints were received by the Financial Regulator in 2009. Of these 1,555(1,034 2008) were made in relation to mis-sold investments. There was an increase of greater than 50% from 2008 to 2009. This was the single area of most mis-sold products to the consumer.

Do I have legal rights?
There are numerous forms of legislation in Ireland for protecting consumers rights when obtaining financial products. These include:-

  • The Financial Services Authority of Ireland Acts 2003 & 2004
  • The Unfair Contract Terms Regulation 1995
  • The Consumer Credit Act 1995

IF YOU BELIEVE YOU ARE A VICTIM OF MIS-SELLING CONTACT US NOW FOR A NO OBLIGATION REVIEW