Mr Riley had taken early retirement and received a lump sum which he was happy to leave in a savings account. He was encouraged to see a financial adviser from CIS to discuss his finances and they met at Mr Riley’s home.
Mr Riley and his wife had never invested money before but were advised to invest a total of £20,000 into a Stocks and Shares ISA and Unit Trusts within the UK Growth Fund. After only 3 ½ years the value of the investment had fallen significantly and when cashed in the couple lost almost £6,000.
We sent our claim to Royal London explaining that Mr & Mrs Riley should not have been advised to invest their money as he was retired and therefore taking risk with their money was wrong.
Royal London investigated this claim and agreed with Goodwin Barrett. This resulted in a payment to Mr & Mrs Riley of £14,286.
*amounts reclaimed for customers are before the deduction of our fees.
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