Chris Urack from Dyfed got back £2500 from Lloyds
In September 2000 Chris had just completed his masters degree and was looking forward to establishing a career in teaching. Chris wanted to put away some money on a monthly basis for the future and so arranged a meeting with a financial adviser from Lloyds to discuss his options.
Chris was advised to invest £50 a month into a Stocks and Shares ISA as this could provide growth over the longer term giving tax free returns. After discussing his preferences the adviser recommended him to invest into the Environmental Investor Fund as this area was important to him. Chris continued to invest for the next few years and made some withdrawals when required.
Chris saw our online ad and contacted us asking if we could assist him as some of his investment was still in place. We reviewed the advice he was given and identified that although Chris was happy to invest in an environmentally friendly fund this was significantly too high in risk for someone investing for the first time.
We sent our claim to Lloyds explaining why Chris was advised wrongly. After investigating the case Lloyds agreed with our findings and paid him £2,527 to compensate for the unsuitable advice he had received. This amount returned him into the position he would have been in if he had invested in a fund with more suitable lower risk.
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