Pensioner faces '£500k bill' to challenge bank

Glasgow resident Albert Kempster is being used as a test case for more than 2,000 people, mostly retirees, who face losing nearly the entire value of bonds issued by the old Bristol & West Building Society, reports The Independent on Sunday. These permanent interest-bearing shares (Pibs), which pay out 13.375% every year, are generally used by people with small savings to top up their pension pots. However, the BOI, which bought Bristol & West in 1997, will not waive its right to pursue legal costs should Mr Kempster lose his case. The BOI is represented by international legal gian...