Stay connected:
Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a647433
Lottery winners renew FOS fight with Coutts
Markets
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’.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
More from us
- Keith Mills settles with Coutts over AIG bond dispute
- Coutts cuts 20% of front office in RDR restructure
- Coutts restructures for RDR as profits plunge
- FSA fines Coutts £8.8 million for anti-money laundering failings
- Coutts to compensate AIG investors after £6.3m FSA fine
What others are saying
Archive
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
Click here to find out more from the Audience Development team.
leave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.