Saga paid out £156k for mis-sold LTC funds

Between 2006 and 2007, 12 clients who had low-to-medium risk appetites were advised by an individual from Saga's care funding advice service to invest in a medium risk property fund. Saga wrote to all of the customers affected and made compensation payments to each clients averaging £13,000. This ensured they received the return they would have had with a low-to-medium risk fund, Saga said. "We reported this matter to the Financial Services Authority (FSA) as soon as we were aware of the issue and the regulator formally confirmed to Saga that it was content with the swift action we to...