Stuart Snowden from Hull received £7,000 - Santander
Mr Snowden had recently received a lump sum from a redundancy pay out and had paid the proceeds of this into his bank account. At this time the bank approached him to speak to a financial adviser who recommended that Mr Snowden placed his money into a Stocks and Shares ISA for the medium to long term, as he was planning on using this money help fund his retirement plans.
As it turned out, Mr Snowden lost money on this investment within the first two years but took the decision to keep the investment, in the hope that it might recover and that he would at least recover the initial investment back within a few years.
However, having kept the investment until 2012 and bearing in mind that this money was planned to be used for his retirement plans, he took the decision to cut his losses and cash in the investment. This meant that he actually lost around £2,000.
Mr Snowden approached us to help. After a thorough investigation we established that it would have been more appropriate to place his money in a no risk investment, especially as he had never taken risk before and the investment was far from being “safe” as he was informed. He also had an outstanding mortgage and no discussion took place about paying it off.
After sending a report to Santander, they agreed with our findings and awarded Mr Snowden an amount of £7,000 made up from a refund of the losses together with interest and compensation.
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