It is very important to be aware of your rights when dealing with any kind of financial product or service. The actual rights you are entitled to will vary according to the product, but to make the most of them you will need to be aware of them in advance, as it may effect the decisions you make. Don't wait until there is a problem to find out what your rights are!
In most case, your rights are stronger if you have taken advice before you make a commitment than if you did not. If you are negligently or fraudulently advised, you have some recourse to protection. If you did not take advice, then the responsibility is yours. If in doubt, take advice.
In general terms, you have a right to expect:
- The firm to be financially sound and trustworthy
- Advisors and salespeople who are competent and knowledgeable
- Correct information on which to base your decision
- A clear complaints procedure
- Compensation if something goes wrong outside the normal risks of the product
In terms of specific products, the rights you are entitled to vary.
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