The firm that mis-sold to me has gone out of business — can I still make a complaint?

Do you believe you may have been mis-sold finance, but the firm that advised you has since gone out of business?

This is something that has happened to many people in the UK, but you could still be eligible to make a complaint. However, it is slightly complicated, as the Financial Ombudsman can only deal with complaints about firms that are still trading.

What can I do?

The first step is to find out if the company is still operating. The Financial Services Authority helpline will be able to find out if the company is solvent or not and potentially look at the personal assets of the original adviser as they may still be liable. If a new firm took over the company, that firm might now be responsible for settling the claim.

What will I need to prove?

You will need to prove that you were mis-sold or badly advised, as with any complaint.

You may have been mis-sold if:

  • You felt pressured into purchasing the financial product
  • The lender didn’t adequately explain the agreement to you
  • There wasn’t a full risk assessment carried out and your specific circumstances were not considered
  • You weren’t offered a full range of options
  • The lender didn’t disclose the commission they were earning
  • You were promised something that wasn’t delivered

If the firm has gone bust and can’t afford to pay you anything, you may still be able to get compensation from the Financial Services Compensation Scheme.

Looking for expert help?

If you think you may have been mis-sold to and want some expert advice on what to do next, call 0161 518 0980 or email [email protected]

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