Frank had managed to accumulate a lump sum by saving regularly and arranged a meeting with a financial adviser from Barclays to discuss the options he had with this money.
He was originally advised to invest a total of £5,000 in 1992 and a further £12,000 in 1994 when he met with the adviser again. The mid 90s was a good time to invest in the stock market as it performed very well. However, the advice must still be suitable and Frank contacted Goodwin Barrett after hearing our radio ad to see if we could help.
We looked at the funds that were recommended to Frank, the General Trust and the Equity Income Fund. These funds were too high in risk for a first time investor like Frank who should have invested into a more cautious fund.
We sent our claim to Barclays explaining that Frank was incorrectly advised to take this higher level of risk.
Barclays investigated the advice they had given over 25 years ago and agreed with our findings. Although the investments gained in value they paid out £378 in compensation to Mr Long.