Malcolm Nash from Birmingham received £13,000 - HSBC
Most people expecting sound financial advice would normally turn to their bank, believing it would have their best interests at heart.
Malcolm Nash believed the same when he turned to HSBC for advice about his substantial savings. What he ended up getting was totally inappropriate advice meaning he lost over £8,000 within 12 months. His adviser had recommended he put £100,000 into ISA and Unit Trust investments linked to the ups and downs of the stock market.
Our complaint to HSBC was initially rejected as the bank argued the advice it gave was not unsuitable. We immediately referred the case to the Financial Ombudsman Service (FOS) for an independent review. The adjudicator eventually agreed with us that Mr Nash had been given unsuitable investment advice and the risks had not been properly explained.
We secured Mr Nash £13,000 for his mis-sold investment.
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Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,700.