Skipton Building Society has come under fire recently for mis-selling investments to its customers and has been forced to refund thousands of pounds to those affected If you are a Skipton Building Society customer and believe you may have been mis-sold an investment product, here is everything you need to know about how to get your money back.
What Happened?
Between 2008 and 2009, Skipton Building Society sold investment products to customers which were subsequently found to be unsuitable The Financial Conduct Authority (FCA) determined that the society had failed to provide customers with adequate information about the risks associated with the products and that they had not taken sufficient steps to ensure the products were suitable for the customers’ individual needs and circumstances.
As a result, Skipton Building Society has been forced to refund customers who were affected by the mis-selling The society has set aside £17 million to cover the costs of the refunds and has contacted all customers who may have been affected.
Who Is Eligible for a Refund?
If you were sold an investment product by Skipton Building Society between 2008 and 2009, there is a chance that you may be eligible for a refund The society has contacted all customers who are thought to be affected, but if you have not received a letter from them, you can still make a claim.
To be eligible for a refund, you must have:
– Invested in a product which was sold by Skipton Building Society between 2008 and 2009.
– Felt misled by the marketing materials provided by Skipton Building Society or were not given adequate information about the risks associated with the product.
– Suffered financial loss as a result of the investment.
How to Make a Claim for a Refund
If you believe you are eligible for a refund, you can contact Skipton Building Society directly or go through a claims management company If you decide to go through a claims management company, be aware that they will take a percentage of any refund you receive as a fee.
To make a claim directly with Skipton Building Society, you should provide as much information as possible about the investment product you were sold, including any marketing materials or documentation you were given You should also provide evidence of any financial loss you have suffered as a result of the investment.
Once you have submitted your claim, Skipton Building Society will investigate your case and make a decision about whether to offer you a refund Skipton Building Society refunds. This process can take some time, so be patient and ensure you provide all the necessary information to speed up the process.
What to Do If Your Claim Is Rejected
If Skipton Building Society rejects your claim for a refund, you have the right to appeal the decision You can take your case to the Financial Ombudsman Service (FOS) who will investigate your claim and make a final decision.
The FOS will consider all the evidence provided by Skipton Building Society and yourself, and make a decision based on what they believe is fair and reasonable in the circumstances If the FOS finds in your favour, Skipton Building Society will be required to pay you the refund you are entitled to.
Conclusion
If you were sold an investment product by Skipton Building Society between 2008 and 2009, there is a chance that you may be eligible for a refund Whether you decide to go through Skipton Building Society directly or use a claims management company, make sure you provide as much information as possible and evidence of any financial loss you have suffered.
If your claim is rejected, remember that you have the right to appeal the decision through the Financial Ombudsman Service With £17 million set aside to cover the costs of refunds, it is important to make sure you get what you are entitled to if you have been affected by the Skipton Building Society mis-selling scandal.