Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lottery winners renew FOS fight with Coutts

Lottery winners renew FOS fight with Coutts

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’.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Carl Harald Janson: why biotech is on a 20-year bull run

Carl Harald Janson: why biotech is on a 20-year bull run

The manager of the International Biotechnology Trust explains why his confident about the sector's long term prospects.

Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play How BlackRock Income Strategies is positioning for a crash

How BlackRock Income Strategies is positioning for a crash

Adam Ryan keeps his powder dry as he positions the BlackRock Income Strategies investment trust for a market correction. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter