Andrew was aged just 18 when he inherited £10,000 from his late grandfather. Sensibly, he approached his bank and asked them for advice for the best place to keep his money as a nest egg for the future. Andrew trusted the bank and invested the whole £10,000 into an ISA and Unit Trust.
Andrew did not want to touch this money for as long as possible so left it for over 7 years before withdrawing a large amount to assist with renovating his home before closing the investments in 2017. Andrew felt that perhaps he wasn’t advised in the best way and contacted Goodwin Barrett after hearing our advertisement on the radio.
We looked into Andrew’s investments and discovered that the £10,000 he invested in 2000 returned him over £13,000 when he cashed it in. However, Goodwin Barrett calculated that Andrew would have been better off if he had been given more suitable advice.
We wrote a report and sent the claim to Lloyds arguing that it was wrong to recommend Andrew to invest in high risk funds such as the European and Pacific Growth Funds as they contained too much risk for someone who had never invested before, particularly an 18 year old student.
Lloyds bank investigated and agreed that it was not suitable for him at that time. Even though Andrew got back over £3,000 more than he originally invested, we told Lloyds to pay him what he could have earned in a more suitable investment with interest on top. This resulted in Andrew receiving a payment of £2,026.
*amounts reclaimed for customers are before the deduction of our fees.
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