Mis-sold investments are defined as: Mis-selling is the deliberate, reckless, or negligent sale of products or services in circumstances where the contract is either misrepresented, or the product or service is unsuitable for the customer's needs. For example, selling life insurance to someone who has no dependents is regarded as mis-selling.

Investment mis-selling is a result of improper banking practices ranging from pressure led sales staff with sales targets to meet to bad management at some of the country’s leading banks

The list of banks to have been fined for mis-selling investments includes Bank of Scotland, Santander, Lloyds, Barclays and First Direct

Elderly clients were often targeted as they are more likely to have significant savings. Others included people who had raised capital from property sales, businesses or other assets, and were quickly contacted by their bank enquiring about investment opportunities.

You can claim back your losses if:

•You were sold a SIPP or poor returning annuity

•You were sold an investment without having been properly advised of the risks

•Your personal circumstances or attitude to risk wasn’t properly considered

•You were advised to invest all or most of your savings into a single investment

•You were advised to unnecessarily transfer a pension

•You were sold a property fund investment

•Your pension is worth little more or less than the contributions you paid into it

•You were sold a guaranteed investment plan/bond and although received your money back, you have lost years of interest

• You not made fully aware that you might have lost money overall at the end of the agreed investment period?

• You were you not made aware of how much money you stood to lose over the investment?

• Your were not told how the investment product worked?

• You did not have the terms of the investment fully explained – were you made aware of the financial penalties for taking out your money early?

• You were not told of the annual management charge

• Your advisor did not take due care and consideration over what you hoped to achieve from your investment?

• Your advisor did not enquire as to what the returns were earmarked for – retirement, school fees, health care, and so on?

• Your advisor did not ensure that you had a good level of investment understanding?

• You were not asked if you held other investments?

• The alternatives were not explained if the investment proved unprofitable?