Sheila had built up some savings as she approached retirement and met with a financial adviser from Halifax to discuss the options she had with this money.
She was advised to invest a total of £4,000 into a Stocks and Shares ISA and kept her investment in place for 5 years and when she cashed it in she got back just £4,125.
Sheila contacted Goodwin Barrett after seeing our online ad and was unsure if we could help taking into account she had not lost any of her capital. We looked into the advice she was given and found that she was advised to take too much risk. The funds she was recommended included the International Fund and the Special Situations Fund which were very risky, particularly as she was a first time investor.
We sent our claim to Halifax explaining that Sheila was advised incorrectly to take this higher level of risk.
Halifax investigated the advice they had given Sheila in 2007 and agreed with our findings paying out £1,041 in compensation.