Colin Armstrong from Hull received £1,400 - Lloyds
In 1997 Mr Armstrong approached Lloyds TSB to open a regular savings account. He had wanted to save a regular monthly amount of £30 over a 5 year period so that he could treat his wife to a special holiday when he reached age 65. They hadn’t been in a financial position to take regular holidays at this time. He had worked out that his £30 would provide him with a minimum of £1,800 which he felt would give him sufficient at the end of the 5 years, any interest that he earned would be a bonus.
Lloyds TSB persuaded Mr Armstrong to see a financial adviser who recommended that he invest this money into a PEP through Scottish Widows. He had made the adviser aware of his plans for the money and that he did not wish to take any risk with it. At the end of the 5 years he received much less than his planned £1,800 and was unable to take his wife on the holiday they had set their sights on.
Mr Armstrong contacted us after seeing an advert in a national newspaper. Our team investigated his case and it was clear that his money had been exposed to risk that was not appropriate for someone with no previous investment experience and for the specific plans he had for it.
After reporting our findings to Lloyds TSB Mr Armstrong was awarded £1,471 to cover his losses, interest and compensation. “Thankyou for a job well done” commented Mr Armstrong.
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