Firm complaint
Free to make and free to escalate. It also creates a dated record you will rely on if the case goes further, which is why it is worth putting in writing rather than doing by phone.
02 Mis-sold investment claims
Mis-sold investment claims: how they work in the UK.
Most investment mis-selling never becomes a claim, because people assume the paperwork means the sale was fine. Usually it means the opposite: the paperwork is the evidence. This page explains what has to be proved, by whom, and how long each route takes.
Short answer
A mis-sold investment claim asks whether the firm sold the product in line with the rules that applied at the time, and whether that caused your loss. You can raise it free with the firm, then with the Financial Ombudsman Service, or bring a court claim for breach of duty or of an FCA rule under section 138D.
Indicators only. Not legal or financial advice. Not a prediction of outcome.
01 Is this you?
Tick what fits.
A claim is worth pursuing when the facts line up. These are the facts that matter most for this product. If three or more describe your situation, the checker is worth five minutes.
- You have a written recommendation, and the product it recommended does not look like the person you were.
- The risk rating on the product sits above the attitude to risk the firm recorded for you.
- The sale was made to you, not by you: an introduction, a seminar, a cold call or a pushed transfer.
- You hold paperwork showing what you paid and when, but nothing showing why the product was suitable.
- The firm that sold it has since stopped trading or been declared in default.
- You were moved out of a scheme with protections into one without them.
- The charges were disclosed late, or an exit penalty only appeared when you tried to leave.
- Nobody has ever explained in writing why this product was right for you.
02 How it works
How a claim works for this product.
Establish what you actually bought
Start with the product’s own documents: the key information document, the terms, the risk rating, the charges schedule, and whether the product was regulated at all. Several of the products on this site — mini-bonds, UCIS, some structured notes — were not FSCS protected, and some were not regulated products in the first place. What you bought determines which routes are even open.
Establish what you were told
A suitability complaint turns on the advice given, so the firm’s file matters more than your memory of it. You can ask the firm for a copy of the advice file — the fact find, the attitude to risk questionnaire, the recommendation and any call notes. Where the firm’s own file contradicts what you were told, that contradiction is powerful evidence. Where there is no file, the absence is itself the issue.
Establish the loss
Loss in these claims is not simply “what I put in minus what I have now”. Where suitable advice would have produced a different outcome, compensation is usually worked out by comparing your position with the position you would have been in. That is why we never estimate a figure in the checker: the calculation needs the full facts, and it is not something a website can do honestly.
Choose the route that fits the facts
A complaint to the firm is free and is the gateway to the Ombudsman. FSCS is a scheme of last resort where the firm has failed. Court is for losses above what the Ombudsman can award — for complaints referred on or after 1 April 2026 about acts or omissions on or after 1 April 2019, the limit is £455,000 — or where a claim has to be made against a party the Ombudsman cannot reach.
Mind the interaction between routes
Time limits for court continue to run while a complaint sits with a firm or with the Ombudsman. Accepting an Ombudsman’s final decision generally closes off going to court for more on the same complaint. That interaction is the single most common way people lose the option they actually needed, so take advice on the dates before you accept anything.
03 The clock
Time limits are the first thing to check.
- Complaint to the firm: normally within 6 years of the problem, or within 3 years of becoming aware of cause to complain if that is later.
- Firm’s response: normally a final written response within 8 weeks. Some firms resolve a complaint within 3 business days without a written response.
- Ombudsman: within 6 months of the firm’s final response.
- FSCS: depends on when the firm failed and what you could reasonably have known; check FSCS guidance for that firm.
- Court: 6 years from the cause of action or 3 years from the date of knowledge, whichever is later, subject to a 15-year longstop.
04 The routes
Which route fits your facts.
Financial Ombudsman Service
Free, and it can look at whether the firm acted fairly, not only whether it followed a rule. The award limit for complaints referred on or after 1 April 2026 about acts or omissions on or after 1 April 2019 is £455,000; the Ombudsman can recommend more but a firm need not accept it.
FSCS
Available where an authorised firm has failed. Investment claims are limited to up to £85,000 per eligible person, per firm for firms that failed after 1 April 2019, and claims that are only about poor performance cannot be accepted.
Court
A claim in negligence, and often also under section 138D of the Financial Services and Markets Act 2000, which allows a private person to sue for loss caused by a firm’s breach of an FCA rule. Costs and risk are real, so this is the route where specialist advice is essential.
05 Evidence
Documents to gather.
You do not need everything before you start. But a complaint that names dates, amounts and documents is much harder to answer with a template letter.
- The recommendation, suitability report or advice file
- Application, transfer and instruction forms with dates
- Product key information document, terms and risk rating
- Statements or valuations showing contributions and current value
- Charges schedule and any exit penalty terms
- Sales material, emails, texts and call notes
- Your complaint and the firm’s response, if you have already started
- Evidence of what you told the firm: your objectives, income needs and risk answers
- Anything showing the firm’s current status, from the FCA Register
06 Questions
Questions people ask about this product.
How long does an investment mis-selling claim take?
A firm has normally eight weeks to give a final response to a complaint. If the case then goes to the Financial Ombudsman Service, it is decided on the Ombudsman’s own timetable rather than yours or the firm’s. A court claim runs on court timescales and is normally slower than either. Nobody can honestly promise you a date.
What do I have to prove?
In broad terms: what the firm knew about you, what it recommended and why, what the rules required of it, and what loss followed. In an Ombudsman case you do not have to prove a breach in the legal sense — the Ombudsman decides what is fair and reasonable. In a court claim you do have to establish a breach of duty and causation.
Is it worth complaining if the firm has closed?
It can be. If the firm was authorised and has failed, FSCS may be able to consider a claim, and FSCS is free to use. Check the firm’s status on the FCA Register and on the FSCS list of failed firms before deciding. Where the firm was never authorised, FSCS is not available and the practical routes are different.
Can I claim for a fall in value alone?
No. FSCS cannot accept claims that are only about poor investment performance, and an Ombudsman case based purely on “it went down” will normally fail. The claim has to be about the sale: suitability, disclosure, misleading promotion or the way the product was described.
Do I have to use a claims management company?
No, and for a financial services claim you should understand what one may charge before you do. The FCA caps fees for financial services claims started on or after 1 March 2022 at between 15% and 30% of the award depending on its size, and the cap does not apply to court claims. Authorised firms must also give you a one-page summary before you sign, a cost illustration, and a 14-day cooling-off period.
Can a family member claim on someone’s behalf?
Usually the claim has to be brought by the person who suffered the loss, or by their estate after death. An executor or administrator can pursue a complaint that the deceased had, and the Ombudsman and FSCS both have processes for that. Take advice early, because the deadlines do not pause.
What is a section 138D claim?
Section 138D of the Financial Services and Markets Act 2000 gives a private person a right to sue for loss caused by an authorised person’s breach of an FCA rule. It is separate from a negligence claim and is often pleaded alongside one, which is useful where the rules required something the common law of negligence does not.
Will complaining hurt my relationship with my adviser?
That is a practical concern rather than a legal one, and people weigh it differently. It is worth separating two things: asking a firm questions about your file costs nothing and does not start a formal complaint. A formal complaint does start the clock, and it is the only way to get the Ombudsman involved later.
Sources
Every rule, limit and deadline on this page comes from the official sources below. Each was read on the date shown. Where we could not verify a rule against the official text, we have left a visible instruction to confirm it rather than describing it from memory.
Financial Conduct Authority
Checked 12 October 2026 — The complaint process, the eight-week final response and the six-month window to go to the Ombudsman.
Understanding compensation for financial loss
Financial Ombudsman Service
Checked 12 October 2026 — Award limits for cases referred to the Ombudsman, and how compensation and interest are worked out.
Financial Services Compensation Scheme
Checked 12 October 2026 — Investment compensation limits per eligible person per firm, and what FSCS cannot cover.
Financial Services and Markets Act 2000, section 138D — Actions for damages
legislation.gov.uk (The National Archives)
Checked 12 October 2026 — The statutory right of a private person to sue for loss caused by a firm’s breach of an FCA rule.
Limitation Act 1980, section 14A — special time limit for negligence actions
legislation.gov.uk (The National Archives)
Checked 12 October 2026 — Six years from the cause of action, or three years from the date of knowledge if that is later.
Limitation Act 1980, section 14B — overriding fifteen-year time limit
legislation.gov.uk (The National Archives)
Checked 12 October 2026 — The absolute fifteen-year longstop for negligence claims that do not involve personal injury.
Using claims management companies
Financial Conduct Authority
Checked 12 October 2026 — Who must be authorised, the fee cap for financial services claims, and the protections you are entitled to.
MIS-SOLD INVESTMENT / CLAIM CHECKER
// Next step
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Canonical: https://mis-sold-investments.com/mis-sold-investment-claims/