Mrs B was over 95 years old when she decided to sell her property and move into rented sheltered accommodation. Her monthly income was around £300 short of the amount she was required to pay in rent, and she therefore wanted to use the sale proceeds to produce an income that could be used to meet this shortfall.
She sought financial advice from her bank and made these factors known to them. She was advised to put £150,000 into two investment bonds with 5-year fixed terms. This money represented around 80% of Mrs B’s total savings. The bonds failed to produce the required level of income, and the capital started to decrease as a result. She had to end the investment bonds early and suffered capital losses of over £25,000.
We represented Mrs B and sought compensation for loss of both capital and interest. We settled her claim for more than double what the bank initially offered, and Mrs B received over £32,000 in compensation.
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Mr and Mrs C from Leicestershire asked for a secure investment to fund their retirement. Despite this, they were advised to invest £280,000 into a high-risk bond. When the investment fell in value, we acted on their behalf and successfully recovered £37,500 in compensation.
After selling their home, retired couple Mr and Mrs L invested £95,000 into bank-recommended funds meant to safeguard their future. The high-risk nature of the investment caused a loss of over £40,000. We acted on their behalf and recovered £47,000 in compensation.
With little financial knowledge, Ms H was mis-sold a high-risk SIPP and lost access to her £250,000 pension. We are representing her in a major compensation claim against Carey Pensions.
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
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