Moira Armstrong from Nottingham got back £7,250 from Lloyds
Moira worked full time at Boots but also owned properties that she rented. She sold a rental property in 2000 and had plans to invest the sale proceeds into another.
When Lloyds noticed Moira’s money they contacted her and asked her to meet with a financial adviser. Moira explained her plans to the adviser but he recommended to Moira that she should invest some of her money into a Stocks and Shares ISA. She liked the idea that ISAs were tax free and so followed the advice and invested £7,000. However, Moira found that she needed to access her investment the following year in order to purchase a new property that had become available. When she did this she received back £5,100 resulting in a loss of almost £1,900 in just over a year.
Moira heard our radio ad and contacted Goodwin Barrett to see if we could help. Although Moira had no paperwork or details, we were able to get all the information we needed from Scottish Widows on her behalf.
Goodwin Barrett identified that Moira should not have been advised to invest any of her money at this time because of the plans she was making that meant she couldn’t keep her investment in place for the minimum 5 year term that was recommended. Additionally, her investment was placed into the American Growth Fund and the Worldwide Growth Fund which contained far too much risk for someone who had never invested before.
We sent our claim to Lloyds explaining why Moira was advised wrongly and after investigating her case they agreed with our findings. Moira got back a total of £7,264.
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