A former Nursing Home Fees Agency (NHFA) adviser has scoffed at banking giant HSBC's attempts to distance itself from a mis-selling scandal which led to almost 2,500 pensioners being sold unsuitable investment bonds.
HSBC was fined £10.5m this week and ordered to pay £29.3m compensation after advisers at NHFA, which was acquired by the bank in 2005, gave inappropriate investment advice to 2,485 customers, with an average age of 83. In many cases, the five-year investment period of the bonds was longer than the recipients' life expectancy. HSBC was quick to distance itself from the mis-selling, releasing a statement on saying most NHFA advisers were self-employed and had never advised on any HSBC products or services. But Tom Scott, who joined NHFA in April 2004, 15 months before HSBC acquired i...
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