Susan went through a difficult time in the late 90s as she had to retire from her job on health grounds and then suffered the loss of her mother. Susan sold her mother’s home and staff at her local Barclays encouraged her to speak with a financial adviser when she received the sale proceeds.
She was advised to invest a lump sum of £20,000 into an ISA and a unit trust with Legal & General. When her investments came to an end she received back just over £16,500 resulting in a loss of around £3,500 on money which was very important to her. This was a very distressing experience for Susan.
We sent our claim to Barclays stating that it was wrong to recommend Susan should invest in the risky Growth Portfolio Trust. She was no longer working and would need access to her money making her investments totally unsuitable.
Barclays investigated the advice they had given to Susan nearly 20 years previously and agreed that it was not suitable for her at that time. We directed Barclays to calculate the position she would have been in if she had been given the correct advice and to add interest on top. As a result of our work Susan was delighted when Barclays offered her £11,411.
*amounts reclaimed for customers are before the deduction of our fees.
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