What to do if you're victim of mis-selling
IF you believe you may have been mis-sold an FSAVC, you could be a victim of financial injustice and if so, you have a right to claim. Your next steps to take action are:
1. Gather information
To start a claim you will need some information from the statement relating to your FSAVC. Look out for a policy number, provider of the FSAVC and the start date of your policy, where possible.
2. Make a complaint.
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A claim is then made to the institution that sold the FSAVC, be this a bank, insurance provider or IFA, stating your reasons for complaint. This is a vital step in the process and one you can do yourself, something we actively promote. At EMCAS we undertake a thorough assessment, utilising our expertise to make your complaint as robust as possible.
3. Wait for their decision.
After you have made a complaint it is a case of waiting for a decision for 8-10 weeks. At this point the provider will indicate whether you have been mis-sold to and may offer compensation. Often, the process of calculating your compensation is a complex one with offers not being made until months after a decision; even then they may be incorrectly calculated. Mr Jones was offered £2,000 in compensation but with the help of EMCAS contesting this he was offered just over £31,000, demonstrating the discrepancies that can occur.
4. Disputing a decision.
If you are unhappy with your decision, it can be referred to the Financial Ombudsman Service (FOS) but this must happen within six months of receiving your decision, with the FOS acting as a mediator when an agreement can't be met.
Mike Kiff, Pension Manager at EMCAS