We specialise in helping Lloyds customers claim compensation for mis-sold investment products. Do you need help to start a claim? Or have Lloyds refused your claim? Our team of experts have many years experience in helping Lloyds Bank consumers succeed in getting back money they thought they’d lost forever.
Mis-selling has been a problem across the financial sector and Lloyds has been the target of much media attention as a result. From people who have been led into taking out complicated long-term investments to established customers who have been pressured into ISA accounts, we’ve successfully dealt with most scenarios.
Claiming back from Lloyds
Don’t be put off claiming because you’ve been advised that you made the investment too long ago. It may not be the case that you’re no longer eligible to make a claim – it really depends on your circumstances. In fact, we reclaim thousands of pounds for customers who invested over ten years ago every day. So contact us today and let our experts determine whether you can claim back on your mis-sold investment from Lloyds.
More about Lloyds investment mis-selling
A few years ago, Financial Conduct Authority (FCA) investigations uncovered evidence that Lloyds staff were pressured into selling investment products that customers didn’t need or want. In 2013 the UK’s banking regulator accused Lloyds of creating an investment mis-selling culture and hit them with a £28 million fine.
Up to 100,000 customers were reportedly affected, with a focus on investment mis-selling between January 2010 and March 2012. During that period, Lloyds staff generated about £1.2 billion worth of investments, and seven out of ten advisers still received their monthly bonus despite evidence of mis-selling being discovered by the bank itself. The FCA concluded that the risks in the investment products were not adequately explained to customers or managed by the bank, and the incentive scheme designed to generate more investment sales was inherently flawed.
Since then, there have been further reports of Lloyds pressuring staff to sell consumers unsuitable products. In 2013, Lloyds admitted to unleashing investment mis-selling on its customers on a large scale – with mis-sold products accounting for fully one in four of investment complaints to the bank.
Sadly, and despite the bank’s promises to clean up its act, reports of Lloyds investment mis-selling look set to continue. A financial analyst predicted that the amount the bank pays out in compensation will increase from 2015 as complaints to the FCA continue to pour in.
How to know if you were a victim of Lloyds investment mis-selling
Mis-selling can mean a number of things:
- You were advised to invest in something unsuitable for you
- You were not fully informed of the risks involved in investing in the product
- You weren’t given the information you needed, and wanted, to make an informed decision
If you think Lloyds may have mis-sold an investment to you, please contact us to see if you can claim back — one of our experts will be happy to advise.