In 2000 Colin took voluntary redundancy after working for Dixons for over 20 years. He made this decision as he was suffering from health problems at this time. When he received the funds, he was approached by Bradford & Bingley to discuss the various options he had with his redundancy payment.

Colin was advised to invest a £20,000 lump sum into a With Profits Bond with Royal Sun Alliance. Colin was told he could take withdrawals from this bond in order to supplement his income and he did this on several occasions before surrendering the investment in 2010. Taking into account the withdrawals, he received back a total of £22,843 on surrender – meaning the investment had made growth of just over 14% in 10 years.

Colin saw our ad on the internet and contacted us asking if we could help. We reviewed the advice he was given and concluded that he should not have been advised to take any risk with his money at this time, when he was out of work and suffering from poor health.

We sent our claim to Bradford & Bingley explaining why Colin was advised wrongly. After investigating the case Bradford & Bingley agreed with our findings and paid him £9,942 to compensate for the unsuitable advice he had received. This amount covered the position Colin would have been in if he had not taken any risk when investing his money.