James Phelps from Derby received £1,500 - Co-op
Mr & Mrs Phelps were encouraged to meet with a Co-op adviser because of the large amount of money they held on deposit, the proceeds of a property sale. They were encouraged to invest their money into risk based products. They were extremely disappointed when their investments lost money as it had been their intention to leave it on deposit.
Having seen an ad in their local paper they approached us for advice. Having assessed their circumstances both personally and financially at the time of the sale it became apparent that the advice given by Co-op may not have been suitable.
A detailed complaint was submitted to the bank highlighting the concerns identified. Having investigated the complaint Co-op rejected the complaint and supported the sale of the risk based products. Not satisfied with the banks response to the complaint we referred it to the Financial Ombudsman Service for them to independently adjudicate. As a result of their investigation they agreed that the advice was indeed totally unsuitable. The bank were instructed to pay the client’s £1,500.
“Extremely efficient and business like in dealing with our claim, kept informed throughout the claim” said Mr Phelps
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