According to the New City Agenda think tank, bad investment advice and mis-selling has cost UK bank around £880 million pounds over the last 12 years. The research also showed that UK banks have had to pay out over fifty billion pounds worth of compensation to cover some massive scandals. You can see a list of the 10 biggest financial scandals in the image below.
A lot of this is down to banks “failing to properly assess consumer attitude to risk or capacity to withstand investment losses” according to the FT Adviser website. Who went on to say:
“Commission-based advisers in the banks pushed consumers into poor quality or risky investment products, while complex structured products were sold which under-played the risks or exaggerated the potential returns, the research found.”
If you have been affected and would like to explore your compensation options, either for the mis-selling of pensions, or if you were sold a bad investment, then please contact our team today. We offer free no-obligation advice and work on a no win no fee basis.
