HSBC fined for mis-selling investments to pay care fees

Posted by the Private Client team on 5th December 2011

The Financial Services Authority has fined HSBC for selling inappropriate investments to elderly clients, as reported by IFAonline.

In most of the cases reviewed, the clients were about to enter, or were already living in, residential care homes.  They had sought financial advice specifically about funding long-term care, but the investments recommended to them were unsuitable in the circumstances.  Many vulnerable clients may have suffered financial detriment as a result.

The fine of £10.5m is the largest ever given to a retail organisation by the financial services regulator.

Worthing solicitors, Bennett Griffin, always advise their clients to seek independent financial advice from qualified specialists.  In order to benefit their clients further, they have formed an associated firm of Chartered Financial Planners, BG Wealth Ltd, with a team of excellent and highly qualified financial advisors.

If you would like to arrange a consultation with BG Wealth Ltd about funding long-term care, or indeed any aspect of your financial or inheritance tax planning, please contact us on 01903 229999.