One in eight people who received financial advice in the past 12 months claim to have been mis-sold an investment or pension product, according to a wide-ranging consumer survey by the Financial Conduct Authority (FCA).
In its Financial Lives Survey 2017 the FCA interviewed 13,000 people about their personal finances and found 13% of those who received advice in the past 12 months believed their financial adviser had at one point mis-sold them a pension or investment product. The same percentage of people believed they had received bad advice unrelated to mis-selling either recently or in the past. The numbers tell a similar story for those who received advice more than 12 months ago but do not currently have an adviser: one in seven (16%) believe they have been mis-sold a pension or investment produ...
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