Sanlam told to compensate client for 1988 savings plan sale

Bought plans in 1988 and 1989

clock • 2 min read

Sanlam Life & UK Pensions has been asked to compensate a client it advised to invest in "extremely inflexible" long-term savings plans more than 30 years ago.

The Financial Ombudsman Service upheld a complaint from Mr C, who bought savings plans with Sanlam in 1988, and again in 1989, while he was in his late 20s. The savings plan was advertised as one that would help people "cope with unexpected and unbudgeted expenses" but its fine print revealed it would only generate reasonable returns after 25 years. Mr C complained that Sanlam misled him into buying the plans without explaining the long-term commitment required for it to be a reasonable investment proposition. He paid £20 a month into the plan when he took it in 1988, suspended paymen...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Deal Dive: The bigger advice deals keep coming

Deal Dive: The bigger advice deals keep coming

What Q3 2026 had in store

Isabel Baxter
clock 27 October 2026 • 3 min read
Chancellor in 'straitjacket' with low-key Budget anticipated

Chancellor in 'straitjacket' with low-key Budget anticipated

Analysts expect event focused on fiscal prudence

Jack Roach
clock 27 October 2026 • 5 min read
FOS received 3,600 pension complaints between April and September

FOS received 3,600 pension complaints between April and September

110,500 complaints in total

Sophia Panayi
clock 26 October 2026 • 2 min read