Interesting news about HSBC and a very large compensation payout they have been ordered to make – £29.3million.
Essentially, it appears that HSBC were referring their elderly clients, or clients in care, to a financial adviser which was in fact a subsidiary of HSBC. It is estimated that 87% of customers of the adviser were sold “unsuitable products”.
This reinforces my opinion that you should always seek independent financial advice, and not advice from your bank. It stands to reason that a bank will advise you to buy one of their products, whether it is right for you or not.
If you want to discuss this please get in touch.