5 of the Biggest Consumer Claims Sectors in the UK

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While we all dream of a fair and just society, unfortunately this just isn’t the case. There are several individuals and businesses out there that seek to exploit consumers for their own gain. However, this behaviour doesn’t have to be accepted, and nor should it. That’s why we exist. As a claim management company, we aim to help consumers right the wrongs that they have endured, and ensure they receive the compensation that they are owed.
When consumers fall victim to financial scandals, this can have a significantly negative impact on their financial situation. Scandals may go unnoticed initially, but eventually cracks will appear and investigations will open up. This will lead to a consumer claim where the victim can claim back the money that they are owed along with any associated damages in compensation.
Over the years there have been several high profiles cases of consumer financial mis-selling. In today’s blog post, we will provide a summary of some of the top and most well-known consumer claims sectors in the United Kingdom.

Mis-Sold Pensions

This is one of our key areas so it makes sense that we start by talking about mis-sold pensions. The words that first come into our head when we hear the mention of a pension is relaxation, stability and enjoyement. After all, a pension is the gateway to a happy retirement plan and financial stability. When you have worked hard for most of your life, this is the least you deserve when it’s time to call it quites. However, for some people, it doesn’t quite plan out that way. It’s important to start saving into a pension as soon as possible, but there are many things to consider. How much you save, the type of pension that you opt for, the pension provider, and how the value changes overtime, are a few things that can affect what is the right or wrong choice for you. This is where you should receive suitable advice from a qualified financial advisor. Bad advice, such as not being told the risks or all the information you need to make an informed decision, simply leads to being mis-sold a pension. As a result, your pension pot may unexpectedly lose value or you may incur exorbitant fees.

PPI & Plevin Claims

The payment protection insurance scandal has existed since the 1990s and is one of the largest claims sectors. PPI was sold with various financial products such as store cards, mortgages, credit cards and catalogue accounts from some of the biggest brands around. It was mean to provide protection when the buyer would be unable to repay, such as due to an accident, death, illness or a disability. However, it was eventually discovered that most PPI had been mis-sold. Consumers either were not explained in detail what the policies meant or were ineligible. On average, consumers received around £2,000 in compensation. The deadline for making a PPI claim expired in August 2019 but a court rulling has opened the way for further claims via Plevin. These claims are made on the belief that the PPI product was sold with a high level of commission.

Mis-Sold Investments

For investors, an investment is a great way to invest in a product or service in return for high return rates should it prove successful. You can invest in properties, stocks, shares, bonds, and much more. The opportunities are endless. It can be extremely rewarding, especially when you earn a profitable income and also if your investment has helped fund a successful venture. However, it is also an industry where people can be taken advantage of. Mis-sold investment claims take place when you have received wrong advice or an advisor has not explained the risks. It can be one of the riskiest ways of managing money, so it’s imperative that investors seek appropriate advice. A bad investment, such as if the product underperforms or collapses, will lose you a lot of money.

Mis-Sold Mortgages

Mis-sold mortgage claims is another area that we specialise in at AM1 Claims Management. For the majority of people, a mortgage is the perfect option for securing their dream home, and perhaps the only way. It is effectively a long-term loan that coves the financial cost of purchasing a property. It is, however, not a straightforward process, and one that requires advice from advisors. When considering your options, you should shop around for different mortgages and know the risks that are associated. It is one of the heaviest financial decision you will ever make, so the impact can be severe if you choose a mortgage that isn’t right for you. Mis-sold mortgages occur when you are not fully informed when purchasing the mortgage.

Diesel Emissions

Finally we come to an international scandal that has hit the headlines in recent years. The diesel emissions scandal blew up in 2014 when it was discovered that vehicle manufacturers, such as Mercedes and Volkswagen, used software to manipulate air pollution tests for cars powered by diesel fuel. The uproar over this has led to several class-action suits across the world. Affected car owners have signed up with solicitors to take the manufacturers to court with billions of damages at stake. Find out more about our Mercedes Emissions Claims service.

As specialists in financial claims, we know how damaging it can be to our client’s lives when they have been mis-sold a financial claim or product. That’s why we are dedicated to offering an efficient, friendly and valuable claims management service. Please don’t hesitate to get in touch with us today and a member of our team will walk you through the process.

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