Bank targets bonds at elderly amid Watchdog concerns

The Financial Ombudsman Service has raised concerns about an unnamed high-street bank it says is targeting older customers with investment bonds.

A Financial Ombudsman Service spokesman said: “A group of cases involved a specific high-street financial institution that targeted the sale of investment bonds at older consumers. The bonds contained a degree of risk that prompted us to ask whether the consumers understood and were suited to this type of financial product….. We upheld many cases in favour of the customers.”

This follows problems raised in August 2009, when the FOS voiced concerns over an increase in unsuitable investment advice given to elderly people.

If you have concerns about your savings and investments, Later Life Security’s partner firm Provisio Limited can provide independent financial advice. Contact Martin Gorvett on 01462 687333 or mgorvett@laterlifesecurity.co.uk

Provisio Limited is authorised and regulated by the Financial Services Authority (FSA).

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