Unsuitable investment advice? Hidden fees? Pension transfer you didn't understand? Get expert guidance to file Financial Ombudsman complaints, claim FSCS compensation, and recover losses from mis-sold PPI, pensions, mortgages, ISAs, bonds, and investment schemes.
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Financial mis-selling occurs when a bank, advisor, or financial firm sells you a product that is unsuitable for your needs, fails to explain risks properly, hides fees or commissions, or provides negligent advice that causes you financial loss. Under UK law (FCA regulations), financial firms must treat customers fairly, ensure products are suitable, and provide clear information about risks and costs.
The Financial Ombudsman Service (FOS) has recovered over £30 billion for consumers since 2000, with PPI mis-selling alone accounting for £38 billion in total refunds. While the PPI deadline passed in August 2019, other mis-selling scandals continue: pension transfer mis-selling (British Steel scandal), car finance commission abuse, investment bond mis-selling, and unsuitable equity release schemes.
In 2024-2025, the biggest emerging mis-selling scandal is car finance: the FCA estimates £8.2 billion will be paid out to approximately 14 million consumers who were sold PCP or Hire Purchase deals with hidden commission between 2007-2024. The average payout is £700, with some cases reaching £3,000+.
You can claim compensation if a regulated financial firm gave you unsuitable advice, failed to disclose material information, sold you products too complex or risky for your circumstances, or earned secret commissions they didn't tell you about. The Financial Services Compensation Scheme (FSCS) protects you up to £85,000 per person, per firm if the advisor's company has gone bust.
You may have a valid claim if any of these apply to your situation
Not every investment loss is mis-selling. If you were clearly warned about risks, the product was suitable for your stated goals, and the advisor followed FCA rules, then market losses alone don't constitute mis-selling. You need evidence the sale was unsuitable, risks were hidden, or the advisor breached their duty.
However, if you were elderly, vulnerable, inexperienced with investments, or clearly relied on the advisor's expertise—courts and the FOS apply higher standards. Advisors must ensure you genuinely understood what you were buying, not just that you signed paperwork.
What you can claim depends on the product type and your losses
The difference between what you invested/paid and what you got back, plus lost returns you would have earned in a suitable alternative product. For pensions, this includes the lost guaranteed income value of a DB scheme versus your current position.
The FOS awards 8% statutory interest from the date of loss to the date of settlement on upheld claims. This compensates you for being deprived of your money. FSCS also pays compensatory interest.
If FOS/FSCS limits are too low, you can sue in court for additional losses: mortgage arrears caused by pension loss, lost pension tax relief, distress and inconvenience (limited), professional costs if you had to hire help to fix the problem.
Free complaints process through the Financial Ombudsman Service
Collect all documentation related to the sale and your losses
FCA rules require you to give the firm 8 weeks to respond before escalating to FOS
If firm rejects your complaint or doesn't respond within 8 weeks, take it to FOS
If the advisor's firm has gone bust, claim through Financial Services Compensation Scheme
If your loss exceeds £415,000 (FOS) or £85,000 (FSCS), you can sue in court
Deadlines vary by country and product type—act quickly
FCA rules: 6 years from product sale OR 3 years from when you first knew (or should have known) you had grounds to complain, whichever is later. For PPI, the absolute deadline was 29 August 2019 (exceptions for exceptional circumstances only).
Irish Financial Services Ombudsman accepts complaints within 6 years of becoming aware of the issue. For pension mis-selling, time limit may be extended in cases of "reasonable excuse" for delay. Statute of limitations for court claims: 6 years for contract, 2 years for negligence from awareness.
Australian Financial Complaints Authority (AFCA): complaints must be lodged within 6 years of becoming aware of the loss, or 2 years from firm's final response (if earlier). Court claims: 6 years for contract, 6 years for negligence from breach/awareness. Superannuation mis-selling: special rules apply, longer time frames possible.
EU MiFID II directive requires member states to have time limits, but each country sets its own: Germany (3 years from awareness, 10 years absolute), France (5 years), Spain (5 years), Italy (10 years for financial harm), Netherlands (5 years from awareness). Check your specific country's consumer protection laws.
FINRA arbitration: typically 6 years from occurrence or discovery of breach. Court claims: varies by state—California 4 years for contract/2 years for fraud, New York 6 years for contract/3 years for fraud, Florida 5 years for contract. Securities fraud under federal law: 2 years from discovery, 5 years from violation (whichever is earlier).
Ombudsman for Banking Services and Investments (OBSI): complaints within 6 years of incident or when consumer became aware. Provincial limitation periods: Ontario 2 years from discovery, British Columbia 2 years from discovery (ultimate 15-year limit), Quebec 3 years from knowledge. Investment Industry Regulatory Organization of Canada (IIROC): generally 6-year limit for arbitration.
Common questions about mis-sold financial product claims
The Financial Ombudsman Service has recovered over £30 billion for consumers since 2000. File your complaint today—it's completely free, and you have nothing to lose.