Mr & Mrs Montague were encouraged to meet with a Lloyds TSB adviser after Mr Montague had been made redundant and Mrs Montague had received an inheritance. They were encouraged to invest their money into ISA’s without having a full analysis of their financial circumstances to establish if the products were the most suitable. They were extremely disappointed when their investments lost over £3,000.
Having seen an ad in their local paper they approached us for help. Having assessed their circumstances both personally and financially at the time of the sale it became apparent that the advice given by Lloyds TSB may not have been suitable. They had a mortgage outstanding at the time, that they were not advised to repay and they were not left with a sufficient cash reserve.
A detailed complaint was submitted to the bank highlighting the concerns identified. Having investigated the complaint Lloyds TSB agreed that the advice was unsuitable and agreed to pay the clients £10,000.