William Thornley from Bolton received £21,400 - Halifax
After inheriting some money from his late mother`s estate Mr Thornley decided to take advice from his bank about how to get the best return. He made it clear to the bank that he was not a risk taker and could not afford to lose any money.
Despite this the financial adviser at Halifax suggested he put his money away for 5 years into a stock market linked bond. He reassured Mr Thornley that this was safe as it was in `commercial lettings`. Mr Thornley was shocked when only 12 months into the plan his initial investment of £50,000 was down by £4000. When he spoke to the adviser he was told that it would `come back up again` and so decided to leave it in. But a year on the investment had lost a total of around £15,000 so Mr Thornley cashed it in as he simply could not afford to lose anymore.
We investigated his case and found fundamental flaws in the advice given to him. Little or no consideration was given to his poor health and attitude to risk meaning he was sold a product which was totally unsuitable. Our report to Halifax resulted in a compensation payout of over £21,400 to a delighted Mr Thornley.
“I’m absolutely delighted with the service we got from Goodwin Barrett, I couldn’t believe how easy it was and i’ve nothing but praise for them” said William Thornley.
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