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Bad Investment Advice: The Options for Elderly Victims

Andrew Pickin, Partner and Licensed Insolvency Practitioner at Shoosmiths and Harrison, examines what can be done when elderly clients are the victims of poor advice.
Andrew is currently bringing complaints to the PIA Ombudsman on behalf of 200 elderly investors who suffered losses of more than £5m as a consequence of the collapse of a financial services business known as Steeds Financial Services, based in Stamford, Lincs.

1 July 1997

Bad Investment Advice
The Options for Elderly Victims

Andrew Pickin, Partner and Licensed Insolvency Practitioner at Shoosmiths and Harrison, examines what can be done when elderly clients are the victims of poor advice.
Andrew is currently bringing complaints to the PIA Ombudsman on behalf of 200 elderly investors who suffered losses of more than £5m as a consequence of the collapse of a financial services business known as Steeds Financial Services, based in Stamford, Lincs.

Introduction

Familiarity tends to encourage confidence, as well as breed contempt. This is particularly true for elderly investors who may have placed their trust in their financial advisers for many years. Such investors probably never consider the possibility that their advisers could go bankrupt. If they do, investors may suffer the loss of all the money they have saved during their working lives. They will feel deep shock and possibly, betrayal.

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