David Herd from Stansted got back £5,550 from Lloyds

In January 2001 David had built up some savings over time. He was speaking with a financial adviser about his retirement planning and the conversation moved on to investing as this could make his savings work harder for him.

David was advised to invest £7,000 into a Stocks and Shares ISA for a term of 5 hears or more as this could potentially provide tax free growth over time. His money was placed in the UK Growth Fund which invested into UK shares. He left the investment in place for over 5 years until he needed to access it to purchase a property. When it was cashed in David received £5,964 losing over £1,000.

David 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 UK Growth Fund recommended was too high in risk for someone investing for the first time. We also believed that he invested too much of his money.

We sent our claim to Lloyds explaining why David was advised wrongly. After investigating the case Lloyds agreed with our findings and paid him £5,584 to compensate for the unsuitable advice he had received. This amount covered the position he would have been in if he had invested in a more suitable area.