IFA stages one-man protest against bank product claims

Peter Herd, of Essential IFA, believes high street institutions are getting away with claims about potential returns and he highlighted Chelsea Building Society's advertisement of an 18% return on its six-year Protected Capital Account. He says rolling up the interest for the whole six-year term is "misleading" and adds the quoted maximum return of 60% is also unlikely to be achieved. The account offers returns linked to the performance of the FTSE 100, although the building society claims it is a deposit account rather than a structured product. During his protest, he collected al...