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A couple who asked HSBC for investment advice have been awarded £100,000 by the courts after they were given incorrect information about the risk of a fund.
Adrian and Elisa Rubenstein wanted to invest the proceeds of the sale of their house in Highgate, London, which amounted to £1.25m in a risk-free account. Mr Rubenstein was advised by an HSBC adviser that he should put the money into the Enhanced Variable Rate Fund of the AIG Premier Access Bond. Mr Rubenstein then emailed the adviser to check that there was no risk attached to the investment and was informed that the fund was the same as cash deposited in an HSBC bank account. However, the Rubenstein's lost £180,000 after the fund, which was a unitised money market fund and closed after a run on it during the collapse of Lehman Brothers.....Read more here:
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