Wixted & Co settled the claim for more than double what the bank initially offered.
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 which 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 took on her claim 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.