Jennifer Penlington from Elgin got back £677 from Halifax

Jennifer worked hard and had always saved, building up a lump sum in her savings account. Halifax invited her to meet with one of their financial advisers to discuss the various options she might have to make better returns than deposit accounts offered. Jennifer thought this made sense and agreed. She was advised to invest into a range of investments, all of which were Halifax products. She invested a total of £18,000 into a Stocks and Shares ISA, an Investment Bond and a Guaranteed Investment Plan. Jennifer heard our radio advert and got in touch as she was unsure whether she had received the most suitable advice.

We discussed Jennifer’s personal and financial circumstances when she invested and believed that she had been wrongly advised. We felt the Guaranteed Investment Plan was a suitable investment for her because she would receive her capital back if she was able to keep it in place for 5 years. However, we believed that the other products recommended to her meant she was taking too much risk and investing too much of her money. Even though both these investments actually grew in value we calculated that Jennifer would have made more money had she taken less risk.

We contacted Halifax and explained why we felt Jennifer was advised wrongly. Halifax agreed with our claim and said she should have taken less risk with her ISA and Bond. Halifax agreed to pay Jennifer £677 in compensation.