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Mis-selling of Financial Services

The financial services industry is facing a significant increase in the number of claims relating to mis-selling. This, coupled with changes in regulation and high profile product failures, has created a challenging environment for product providers.

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Industry insight

In recent years, there have been numerous disputes and claims concerning the mis‑selling of financial products, including insurance, savings, consumer credit, mortgages, pension and unregulated collective investment chemes (UCIS). High profile examples of these disputes include those relating to Payment Protection Insurance, Keydata and Arch cru. Combining these disputes with changes in the regulatory environment engendered by the Retail Distribution Review and the splitting of the Financial Services Authority (FSA) into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), means mis‑selling is more prominent than ever.

Supporting our clients

DWF has a wide range of experts with significant experience across the full spectrum of financial services issues. From addressing regulatory concerns to the prevention and cure of mis-selling issues, our multi-skilled team is able to provide practical and commercial advice on any issue in relation to financial products.

Whether you are a product provider, insurer or intermediary we can provide the reassurance of in-depth experience and knowledge, and a thorough understanding of your needs. Our full service offering can assist you when a claim comes to light, as well as providing advice on how to reduce the incidence of such claims and minimise the costs and risks to your business. We are on hand to help you overcome the challenges you are facing now and in the future.

The right treatment

We are often called on when things go wrong and investors make complaints or bring claims. We can assist you by helping you respond to complaints to the Financial Ombudsman Service and defend claims for mis-selling of financial products ranging from vanilla products like PPI, personal pensions and stocks and shares to SIPPs, UCIS and complex tax schemes based on carbon trading, film finance or property investment. Our expertise in knowing when to challenge and when to settle (and how much for) can reduce your outlay and wasted management time as well as helping you satisfy your regulator(s) that you are treating customers fairly.

Future fit

Clearly it is better to prevent claims than to defend them, however skilfully. Our experts are able to help put in place processes and systems to help prevent future claims. We can review and advise on product literature to ensure clarity and compliance. We can assist in risk rating financial products for you and your sales force. We can also advise on sales practices, telephone scripts, “know you customer” assessments, self‑certification forms for high net worth individuals and sophisticated investors, to ensure that you are selling suitable products to the right people, therefore avoiding future disagreement and reducing the risk to your business.

We've got you covered

We can pick up the pieces when things go wrong. Our team has been involved in regulatory investigation work since the FSA came into being on 1 December 2001.

Our large team of highly experienced regulatory lawyers, many of whom have worked in-house with regulatory agencies including the SFO and FSA, have dealt with issues at all stages of the regulatory cycle from compliance to enforcement and beyond.

Track record

We have considerable experience in understanding and assisting clients to develop products in the Financial Services Sector. Our network of contacts and client intermediaries providing advice on Financial Services products means we are up-to-date with the latest developments on mis-selling claims. We can assist in reducing such claims and minimising the costs to your business.

For more information please download our guide»

Mis Selling

Download our Mis-selling brochure

Whether you are a product provider, insurer or intermediary we can provide the reassurance of in-depth experience and knowledge, and a thorough understanding of your needs.

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Harriet Quiney

Partner - Team Leader – Professional Liability & Marine

I work in the Professional Indemnity team specialising in financial services, pensions and emerging risks.

Richard Clegg

Head of Professional Indemnity Claims

I head the Professional Indemnity Claims team and manage 25 claim handlers in London, Bristol and Dublin, providing an outsourced claims service to insurers.

Sectors

Andrew Davis

Partner

I am a Partner with substantial experience of handling professional negligence and insurance claims. I have particular expertise in financial services misselling and surveyors’ claims.

Richard Tall

Partner - National Head of Financial Services

I am an experienced corporate lawyer with an in-depth expertise in financial services.