The financial ombudsman (FOS) says the elderly now account for more than a fifth of all investment complaints, with more and more concerning bank or building society branch staff.
According to the FOS, the elderly now account for 22% of all investment grievances, compared with 19% last year. It follows a damning report in the Times accusing banks and wealth advisers of "preying" on vulnerable elderly people. The report includes case studies allegedly involving financial ‘advice' given by St James's Place (SJP), Barclays, Britannia Building Society and Lloyds. "We receive thousands of complaints from elderly people who believe they have been mis-sold a long-term investment product," FOS spokesperson Emma Parker told the Times. "Increasingly, the complaints ar...
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