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A damning dossier outlining how cautious savers had their cash gambled on the stock market has been given to the boss of Lloyds Banking Group and the head of the City watchdog by Money Mail. The file of complaints highlights how Lloyds TSB salesmen convinced the elderly to tie up thousands of pounds in fiendishly complicated investments by promising outrageous returns of up to 75 per cent. But these profits never materialised, with many getting just £300 from £40,000 invested over five years. Meanwhile, the bank salesmen who convinced them to open the accounts pocketed upwards of £2,000. Money Mail raised the alert about these investments three weeks ago. Since then, dozens of similar complaints have flooded in.
And we have grown increasingly concerned that customers are having their complaints about the sales of these products — typically made between 2007 to 2009 — rejected without proper investigation. In some instances, they have had their case turned down within 72 hours of alerting the bank. Many also appear to have been sent standardised letters.....Read more here
And we have grown increasingly concerned that customers are having their complaints about the sales of these products — typically made between 2007 to 2009 — rejected without proper investigation. In some instances, they have had their case turned down within 72 hours of alerting the bank. Many also appear to have been sent standardised letters.....Read more here