Miss sold invested bond

Bluedoo

I was on holiday when watchdog did a piece on investment bonds sold by bank/building societies, we were sold a 5 year bond at 60 years of age(silly I know) and lost money on it can anyone advise please.

ACG

Why was it silly? When I worked for a bank, I spoke to 85 and 90 year olds who actively called up to put money into bonds... some of them 5 year bonds and they even laughed they would probably not be around to see it come out.

Losing money is not a reason for miss sale, its an investment they can go up or down.

You would need to complain to the bank/building society stating why you think it was miss sold. They will investigate, if they agree they will look at compensation, if they disagree you then have the option of going to the financial ombudsman.

dunstonh

we were sold a 5 year bond at 60 years of age

Why is that silly? 60 is nothing. Typically new investors are fine up to mid to latish 70s. Existing investors tend to invest for life. When people retire in the 60s, many invest for the first time due to things like pension lump sums and inheritances. Nothing wrong with that at all.

When you say 5 year bond was that a savings bond (fixed term deposit) an investment bond (unlikely) or a structured product (possible but those have been 6 years for many years now) or a undefined timescale investment (most common).

I think you have possibly viewed the watchdog programme and got the wrong end of the stick. However,
1 - what product do you actually have?
2 - what do you think that was done wrong?

Senior_Paper_Monitor

I'm 60 in a few months (and thoroughly p*ssed off to learn that no longer gets me a bus pass) and would take huge umbrage if anyone was to suggest that a saving /investment product (particularly a 5 year one) was unsuitable for me.


Your age is absolutely no grounds for a complaint