Margaret Stanway from Suffolk got back £9560 from Lloyds
Mrs Stanway’s late mother, Mrs Murphy, had retired from her job as a nurse and received a lump sum payment. She continued to work as a dinner lady as she enjoyed working with children and it kept her busy. Her bank, Lloyds, advised her to invest some money originally in 2000 and this was good and sensible advice.
However, Mrs Murphy still had savings remaining in the bank and in 2001 and 2003 she was approached by Lloyds and encouraged to invest again. In 2001 an investment of £20,000 into a Guaranteed Stock Market Bond was recommended which matured 6 years later returning £23,915. In 2003 she was advised to invest a further £7,000 into a Stocks and Shares ISA which lost almost £1,000 during the 9 years it was in place.
Mrs Stanway saw our ad on the internet and contacted us asking if we could help as they were not investments she had made personally. We looked at the advice her mother was given and identified that because she was elderly and retired she should not have been advised to take any risk with her money and tie it up for a number of years.
We sent our claim to Lloyds explaining why Mrs Murphy was advised incorrectly. After investigating the case they agreed precisely with our findings and paid Mrs Stanway £9,564 to compensate for the unsuitable advice her late mother had received.
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