Andrew Black from Whitley Bay got back £1,385 from Lloyds
In 1999 Andrew was working as an IT Trainer and had managed to save money from his income. Whilst in his local branch he was introduced to a financial adviser so he could discuss the various options he might have for his savings.
Andrew was advised to invest £3,000 into an ISA for a term of 5 years or more as this could potentially provide tax free growth over time. His money was placed into UK Growth Fund which invested in shares.
Andrew needed to access his funds around 18 months later and received the amount of £2,668.98 losing just over £330.
Andrew saw our ad on the internet and contacted us asking if we could assist him. We reviewed the advice he was given and identified that the funds recommended were too high in risk for someone investing for the first time.
We sent our claim to Lloyds explaining why Andrew was advised wrongly. After investigating the case Lloyds agreed with our findings and paid him £1,385 to compensate for the unsuitable advice he had received. This amount covered the position he would have been in if he had kept his money on deposit.
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