Treasury Committee chairman John McFall MP is urging the FSA to examine claims some investors were mis-sold structured products by their bank.
A number of BBC Working Lunch viewers had complained they were advised to invest in products which were described as 'secure' or 'capital guaranteed', but which collapsed following Lehman Brothers' bankruptcy. One investor lost around £200,000 after Lloyds TSB advised him to invest in a Capital Secure Fixed Growth Plan from NDFA, backed up by Lehman Brothers. Lloyds advised the investment because, under the Financial Services Compensation Scheme, only £50,000 would be protected within a normal bank account. Due to the large deposit in the customer's account, he was advised to place som...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
