Banks under fire over financial 'advice' for elderly

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...