No Win No Fee
There are many types of financial claims. We have provided a breakdown below of the most common financial claim types with further information on each. You can be certain you are in safe hands if you choose to use our financial mis-selling solicitors. The solicitors have been cherry picked as a result of their experience, expertise and track record in financial claims.
Financial Investment Loss
Hidden Commission Claims
The Financial Services Ombudsman (FOS)
The Financial Services Compensation Scheme (FSCS)
Background on Financial Claims
Claims can be time-barred if you do not bring them in time.
This is why it is such a complex and crucial consideration in any claim.
It is important to note that if you pursue a claim via the Financial Ombudsman you will not “stop the clock” in respect of time-limits in respect of any future action you wish to pursue via the courts.
e.g. if you do not succeed in a claim against the Financial Ombudsman service and want to pursue a claim in the Courts then you may be time-barred from claiming as a result of not protecting your limitation period for a court action.
We would recommend securing legal advice as soon as possible prior to deciding how you want to make any financial claim.
This also provides you with the best chance of ensuring your claim is within the time limits which apply.
This can be a very complex area but generally 3 time-limits apply:
- The 6-year rule
- The 3-year rule
- The 15-year rule
The 6-year rule generally means 6 years from the advice/action you are complaining about. E.g. 6 years from the date of the advice from an IFA, or 6 years from signing a pension transfer form, or 6 years from signing a loan agreement.
If your claim is more than 6 years ago you can still rely upon the 3-year rule. The 3-year rule is often debated and disputed between the parties. The 3-year rule refers to 3 years from the date you first became aware (or should have become aware) of the problem which you are complaining about.
As an example, you may have a complaint regarding a matter which took place 10 years ago (over 6 years) but where the loss only became apparent within the last 2 years.
This is an example of where the 3-year rule would apply.
The 15-year rule means actions alleging negligence must be made within a maximum period 15 years from the negligent act or omission.
There can be exceptions as the FCA have stated they may allow certain cases to be handled outside of the 15-year time limit. The FSCS have stated that time-limits can be disregarded when it is appropriate to do so.
Selecting the correct party to blame
It is vital you select the correct people to blame for your loss. We would reference these parties as defendants.
Each time-limit applies to each defendant and they are under no obligation to point you in the right direction.
As an example, you may complain to the lender when in fact the IFA is to blame, or vice versa. We have seen cases where there are multiple parties to investigate, such as, an investment company, a SIPP, an IFA, and a conveyancing solicitor.
If you are inside the 6 year rule a sensible suggestion is to agree standstill agreements with each potential party involved to protect the 6-year time-limit.
A standstill agreement would need to be drafted by a solicitor and would provide you with the benefit of being able to pursue one party and potentially return to another party later without time-barring occurring. (subject to the terms of the standstill agreement of course)
How to start a claim
You can start a claim via either:
- Making a formal complaint to the party/parties you hold responsible
- Instructing a solicitor to send a letter of complaint
- Sending a letter of claim, suggesting mediation, and if necessary issuing court proceedings.
Where a party regulated by the FCA rejects your complaint, and the matter to which you are complaining is covered by an ombudsman, you can pursue the complaint via the ombudsman yourself if you wish.
You can also instruct a solicitor to send the formal complaint and they will then represent you with any relevant ombudsman.
Another option is to instruct a solicitor who may decide the best course of action is to send a formal letter of claim, rather than proceed with a process going via an ombudsman, and to pursue a mediation and court proceedings if necessary.
The decision comes down to what type of matter the claim relates to and how you feel about the various options.
There are lots of positives and negatives to each course of action.
Ombudsman and the FSCS
Further information can be located on the ombudsman and the FSCS using the links at the top of this page.
In any area of financial mis-selling claims (not limited to but including pay day loans, SIPP’s, investment loss, mortgage breach, Consumer Credit Act) you are able to claim, without any fee being charged, against the regulated party directly AND if necessary via the appropriate Statutory Ombudsman or Statutory Compensation Scheme, e.g. The Financial Ombudsman Service (FOS) and where appropriate The Pension Ombudsman and/or the Financial Services Compensation Scheme (FSCS).
There is no reason why you would achieve a different/better result by instructing a solicitor or claims management company. If you choose to instruct us to assist you with a financial mis-selling claim you confirm that you accept and understand the above.
More information on no win no fee claims can be found here.
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Below you will find some of our most commonly asked questions. Simply click or tap the question to view the answer. For anything else you can contact one of the team by emailing email@example.com.
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My Legal Club was founded by an experienced solicitor so you can be certain we have cherry-picked the most highly recommended solicitors to help you. Our panel solicitors have the experience and expertise to help whenever you need legal advice and support. They have agreed to the highest standards of customer care and support ensuring My Legal Club clients receive the very highest standards of service.
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Who is qualified to recommend a solicitor firm? How do you know they have the expertise and ability to provide you with the best service possible at a great price?
The Management team at My Legal Club works within the legal services industry. We have cherry-picked the law firms across the country that we feel provide the levels of service that we would want if we needed help in that area.
My Legal Club ensures that the law firms have the correct accreditation’s and insurance in place to ensure your case is secure in their hands.
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All our member firms are solicitors of England and Wales and authorised and regulated by the Solicitors Regulation Authority. The Authority’s rules can be accessed via their website.
Any solicitor we refer you to is an independent professional, from whom you will receive impartial and confidential advice. You are free to choose another solicitor if you so choose but we would, of course, welcome feedback as to why.
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Your inquiry will be forwarded to the appropriate solicitor with the request to contact you via your preferred method of contact at your preferred date and time.
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We aim to identify those clients who may be at risk of being vulnerable by virtue of their age, disability or circumstance. This Policy is written as our commitment to such clients.
- It is important to us that we are able to identify clients who may be vulnerable and we are committed to training all our team to identify key indicators such as age, disability or clients who find themselves in a particularly stressful situation where their judgment may be impaired or they may be vulnerable to influence or exploitation.
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- We are aware that many of our older clients are computer literate and will feel comfortable communicating via email, but we will never insist on this form of communication and will make our older clients feel at ease by sending letters by post if this is preferred and we are happy to send duplicate correspondence to a family or trusted support provided that such authority is provided by the client.
- We will always act in the client’s best interests and where we have concerns as to vulnerability, capacity, coercion or undue influence we will do our best to seek our client’s permission to refer him/her if necessary for a further professional opinion.
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