Mis-selling Issues and Factors Responsible for Mis-selling in the Financial Services Industry with Special Reference to Insurance Industry: A Theoretical Study

Abstract

Over the years, since the financial opening up of the Indian economy in the early 1990s, under the previous government, there has been an overselling of a lot of financial products. This over selling has led to huge problems to the consumers in the form of mis-selling or overselling. There have also been issues with relation to lack of proper financial education to the consumers by the financial bodies. The present study looks into the problem of mis-selling and how different consumer factors lead to this problem. A conceptual framework to this problem is given and based on that, information is analysed.