Summary of Service
Mis-sold Expert will assess whether your claim has a reasonable prospect of success by obtaining information from the provider and you. If we consider your claim is valid, we will raise a formal complaint first to the provider and, depending on the response and your instructions, we will escalate your complaint to the Financial Ombudsman Service (“FOS”), Financial Services Compensation Scheme (“FSCS”) or any other relevant statutory ombudsman or scheme, if we believe it has merit and it is in your best interests to do so. Throughout the process we will liaise with the provider on your behalf, sharing relevant information You have given us, and use reasonable endeavours to negotiate a settlement of the claim for You and advise, where possible, on the reasonableness of any offer of settlement. If the claim is unsuccessful, we will advise You on the options available.
What Steps You Will Need to Take
- Read all the documentation we send to You.
- Provide us with all appropriate and available information relating to your claim as soon as possible.
- Let us know any previous names and addresses to help the provider locate your account(s).
- Notify us of any contact You receive from the provider.
- Complete, sign and return any documents we send You.
- Answer the questions we ask to help us assess the merits of your claim and prepare the complaint.
- Tell us promptly if the provider contacts You directly to try and settle your claim.
How We Will Keep You Updated
We will update You at key stages of your claim by letter, telephone, email, or SMS. These stages include (but are not limited to):
- Information request being submitted to the provider.
- Submission of your complaint.
- That we are chasing the provider for a response to your claim.
- Acknowledgement of your claim by the provider.
- The provider's decision, upheld or rejected.
- That we consider your complaint should be handled by the FOS.
- Requests from us for additional information.
You will be updated at least every 6 months. In the majority of cases, contact will be more frequent and will be by email. You can inform us of the best way to make contact.
Fees
Our fees are based on the Settlement Amount* we recover for You. A table of how Our Fee will be calculated in the event of a successful claim is shown below. Our Fee is a percentage of the Settlement Amount or the maximum total Fee, whichever is the lower amount. The Fee illustration is not to be taken as an estimate of the amount likely to be recovered. The amount You pay may be more or less than these examples.
| Redress Band | Gross Settlement Amount | Our Fee % & Including VAT | Max Total Fee (£) Including VAT | |
|---|---|---|---|---|
| Lower (£) | Upper (£) | |||
| 1 | £ 1 | £ 1,499 | 36% | £ 504 |
| 2 | £ 1,500 | £ 9,999 | 33.60% | £ 3,000 |
| 3 | £ 10,000 | £ 24,999 | 30% | £ 6,000 |
| 4 | £ 25,000 | £ 49,999 | 24% | £ 9,000 |
| 5 | £ 50,000 | N/A | 18% | £ 12,000 |
As an illustration, if You were paid £2,000 in respect of Your Claim, You would pay Us Fees (including VAT) of £672 (including VAT) and you would receive a total of £1,328. This should not be taken as an estimate of the amount likely to be recovered by You and so the Fee may be more or less than the amount of £672 shown in the illustration.
*Settlement Amount is defined in Clause 1 of the Terms and Conditions but essentially means all amounts paid by the Provider to You in settlement of Your Claim before any tax is taken off.
Termination
You have the right to cancel your agreement with Us within 14 days of signing the terms without charge. By signing the agreement, You give consent to us to start work within the 14-day period. You may terminate outside of the 14-day period in which case You may be charged:
- For the work we have carried out at a rate of £80+VAT (i.e. £96) we would typically expect a Termination Fee to be approximately £180 but it may be more or less than this amount; or,
- By reference to the table above if after We have submitted a Claim you terminate and later receive a Settlement Amount.
Other options to pursue your claim
Mis-sold Expert is a Claims Management Company (CMC). You do not need to use the services of a CMC to pursue your claim and it is possible to present Your claim yourself for free, first to the provider or, if unsuccessful to the FOS. The FCA has introduced a free to use Consumer Redress Scheme which you will be able to use without a CMC.
You may be entitled to legal advice, assistance and representation through your membership of a trade union or under a contract of insurance, therefore you may wish to investigate whether you are able to pursue this claim through these methods.