What is an ISA?
An ISA is the shortened term for an Individual Savings Account.
ISA’s were introduced in 1999 and have been and continue to be a popular way for people to save and invest their money.
There are many different types of ISA schemes available on the market, including, but not limited to, help to buy for first-time buyers ISA’s, junior cash ISA’s and stocks and shares ISA’s.
ISA’s essentially enable you to save funds tax-free (currently up to £20,000 per year) into a savings account. There are many providers who offer ISA’s, including: –
- High Street Banks
- Building Societies
- National Savings & Investments
- Asset managers
Some ISA’s enable you to access cash straight away, when you need it, whilst other ISA plans require you to commit to keeping your savings in the ISA for a specific period of time in order to get the larger interest rate.
You are only allowed to have, and pay into one cash ISA per tax year.
How can an ISA be mis-sold?
As with all financial mis-selling, it is possible for an ISA to be mis-sold, in particular, a stocks and shares ISA.
ISA’s can be mis-sold if: –
- You were not advised of the differences between a cash ISA and a stocks and shares ISA, or you were led to believe that they are the same thing.
- If with a stocks and shares ISA, you were not advised fully about the level of risk or your attitude to level of risk was not ascertained by the adviser.
- If your ISA adviser did not take into account your full circumstances, needs and any existing investments that you may already have.
- You were not advised how you would be affected in the event you suffered significant loss of investment.
- Your adviser did not explain the terms and conditions or provide full terms and conditions paperwork or explain any exclusions to the scheme that would adversely affect you.
Bank Of Scotland Wouldn’t Mis-sell my ISA? Would they?
It is possible for Bank Of Scotland, along with other high street lenders to have mis-sold your ISA.
If you feel that you were given unsuitable advice, or you were given no advice at all, in particular about the risks to you about your ISA, and you subsequently ended up with an ISA that was unsuitable for you, you may have a potential claim for a mis-sale.
Mis-sold ISA Bank Of Scotland
Can I Receive Compensation for a Mis-sold ISA?
As with all mis-sales, you are entitled to compensation for a mis-sold ISA.
You should firstly contact Bank Of Scotland, or the lender that you took the ISA with to resolve the complaint in the first place.
If the bank does not respond within 8 weeks, or does not accept that your ISA was mis-sold to you, then you are entitled to refer your complaint to the Financial Ombudsman Service, which is a free service to you and details and information can be found on their website.
If you would prefer to use our services, we would be delighted to assist you under our No Win, No Fee scheme, where we would only charge you 20% plus VAT on any compensation recovered on your behalf.
What compensation would I get if the ISA was found to be mis-sold?
The compensation you receive if an ISA is deemed to have been mis-sold to you will include: –
- Compensation for any money that you may have lost;
- Interest added on top of the compensation, currently set at 8