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What is mis-selling?

Many people have encountered misselling without even knowing about the existence of this term. A typical example: a person goes to an electronics store to buy a smartphone, and buys: a smartphone, an overpriced phone case, additional warranty from the seller and bunch of expensive imposed services that they will never use. In this material we will tell you how to recognize misselling and hedge your bets.
What is mis-selling?

The term “mis-selling” refers to a situation where a salesperson provides false, misleading, or incomplete information to a potential customer in order to sell a product or service. This may include not only products but also financial services such as insurance, investments, loans and others.

Examples of misselling

The seller may be silent about important terms of the sale of a product or service.

The seller may misrepresent how the product works, its potential profitability, or its risks.

The seller may offer the customer a product that does not meet their financial goals.

Please note

The first and main rule is to carefully read the contract that the seller or bank officer offers to sign. You should not rely on stories from the interested party. Mind who the contract is concluded with, whether there is a third party to the transaction. If you don't understand something, don't hesitate to ask questions. Ask the manager or seller to show each term of the product in writing. Sign the contract only if all points are clear to you and do not raise questions or doubts.

Source: https://prodengi.kz/post/misseling-prostymi-slovami

Photos are from open sources.

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