View the article online at http://citywire.co.uk/wealth-manager/article/a647433
Lottery winners renew FOS fight with Coutts
by Daniel Grote on Dec 24, 2012 at 10:39
A lottery-winning couple have renewed their battle for compensation from Coutts over its advice to invest in with-profits bonds, according to The Sunday Telegraph.
The couple won £1 million on the lottery in December 2001 and were advised to invest £650,000 into with-profits bonds, which gave them just £10,000 a year to live on, according to the paper.
They took their case to the Financial Ombudsman Service (FOS), which ruled against them. But the FOS has now agreed to review the case after receiving further evidence.
‘We chose Coutts because they are the Queen’s bank and we thought that they would be a safe pair of hands,’ said the couple, who did not wish to be named. ‘We are so disappointed.’
A spokesman for Coutts told the Telegraph: ‘We cannot comment on individual cases because of client confidentiality’.
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