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 Hendersons' Kerley: investing in Marmite-like China

Hendersons' Kerley: investing in Marmite-like China

Citywire A-rated manager sees higher quality growth originating from China's current reforms.

Play Oil slump opportunities, Japanese recession & a UK bank conundrum

Oil slump opportunities, Japanese recession & a UK bank conundrum

Investment Pulse this week looks at further challenges for the British banking sector, Japan's return to recession and the continuing weakness of brent crude.

Play JPMAM's Georgina Brittain: the best opportunities in mid caps

JPMAM's Georgina Brittain: the best opportunities in mid caps

Brittain discusses where she sees opportunities in mid caps despite rising valuations.

Your Business: Cover Star Club

Profile: The godfather of fund-of-hedge-funds on the sector's future

Profile: The godfather of fund-of-hedge-funds on the sector's future

When Dixon Boardman started 26 years ago ‘there were 600 hedge funds and only 100 had $100 million – it was not even a cottage industry,’

Wealth Manager on Twitter