Mr Tonge inherited a property after the passing of his step-father. He renovated the property before selling it and was encouraged to speak with a financial adviser when the sale proceeds were received.
Matthew had never invested money before but was advised to invest into a bond which was linked to the performance of the stock market. He was satisfied as this investment would guarantee the return of his capital at the end of a 5 year term.
However, Matthew required the money he had invested after less than 12 months as he had always planned to buy other properties to renovate and sell at a profit. When he cashed in his investment he had lost £2,300.
We sent our claim to RBS pointing out that Mr Tonge should not have been advised to invest into the bond as it was clear that he would not be able to invest for the 5 year term. The financial adviser did not take into account what Matthew wanted to do with his money.
After investigating our claim RBS agreed and paid Mr Tonge £4,500.
*amounts reclaimed for customers are before the deduction of our fees.
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