Raymond Nicholls met with a financial adviser at Abbey National after he was made redundant in 1993. He wanted to ensure his money was in the best place after such a big change in his life.
He had never invested money previously but was advised to put a regular amount of £50 per month into a 10 year savings plan. After investing this amount for 10 years he had paid a total of £6,000 into the plan. However, because the money was invested in stocks and shares the amount he got back was just £5739.98, actually losing over £270 after a decade.
We sent our claim to Santander explaining that Mr Nicholls should not have been advised to take this risk with his savings, particularly as he was a first time investor.
Santander investigated the advice Mr Nicholls had received and agreed that it was not suitable for him at the time. We asked Santander to refund the money lost and calculate what returns could have been achieved if he had invested his money more appropriately. With interest on top the payment made was £4,627 leaving a delighted client with over £2,400 after settling our fee.
*amounts reclaimed for customers are before the deduction of our fees.
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