Expat pensioners losing out to rogue advisers in Spain

The pensioners - often in their 80s and 90s - have been persuaded to give up huge stakes of their property in exchange for investments that never make a penny, according to an investigation by Money Mail. The vehicles sold include investments and equity-release schemes outlawed in the UK. These pay high commissions that can net salesmen £50,000 per sale. Banks offering equity-release loans included Icelandic bank Landsbanki, Scandinavian banks Nordea and Sydbank, and UK private bank Rothschild. Many of the victims have borrowed the entire value of their property at an interest rate...