FOS: Meteor broke TCF rules on Lehman plans

Meteor broke TCF principles when it failed to inform Mr and Mrs B that Lehman Brothers, the counterparty of their Prima Growth Plan 7, had been downgraded by Standard & Poor's from A+ to A, the FOS found. Investors argue three other Meteor Plans also backed by Lehman's fall under the same category of complaint and if the FOS agrees then Meteor could face compensation claims running to £12m. The decision by Ombudsman Christopher Tilson, which the couple have accepted, upholds his initial adjudication issued in November. Then he ruled Meteor should return the couple to the financial ...