Knowing If You’re Mis Sold an Insurance Product

Banks can deceive you into buying certain products or services that would eat right into your budget and lining their pockets with silver. By selling you insurance, they could actually achieve this. In the United Kingdom, the biggest financial scandal involved an insurance policy that amounted to about £16 billion in compensation for the entire United Kingdom. Here are a few ways to know how your bank mis sells insurance policies to customers.

1.     Without Explaining Anything

Bank representatives and financial experts may present to you the insurance product without even explaining anything about the terms and conditions of the product. The terms an insurance product has dictates which circumstances can the customer get the support provided by the insurance product. Financial advisers have the responsibility to explain this thoroughly.

2.     Concealed

Some banks just insert the insurance policy as “part of the package” included with the clearance of the insurance. Also, banks can claim that the insurance policy is a bonus for customers with a high credit score. All insurance policies will need the consent of the customer upon purchase and anything sold without the customer’s consent is invalid automatically.

3.     Inaccuracies with Credit Cards

Most people with credit cards make use of their financial service on a monthly basis with high and low amount purchases. With the dynamic changes in the monthly costs, it is easy for banks to conceal the mis sold insurance product repayments by labelling the items in most receipts as miscellaneous fees. Find these and sort them out with your bank.