Jump to content


Sign in to follow this  
ukaviator

AXA fined £1.8m for bad advice on Isas

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2250 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Thousands of customers passed on from building societies and banks to Axa Wealth were not warned of the risk of investing in Isa funds and investment bonds and are in line for full compensation from any losses.

 

AXA Wealth, part of the global AXA Group, has been fined £1.8m by the Financial Conduct Authority (FCA) for failing to give suitable investment advice to customers passed on to it from banks and building societies. The regulator said 26,000 customers were wrongly advised in a range of investment products while Axa staff pocketed lucrative bonuses for making the sales. According to the FCA, customers were put into stocks and shares Isas, open-ended investment companies (Oeics) and investment bonds without AXA assessing their attitude to risk and losses.

 

The customers were mainly nearing retirement and largely not experienced investors. But AXA failed to confirm how much risk its customers were prepared to take or explain the dangers in clear terms. The FCA said AXA sold around 37,000 products to 26,000 customers between 15 September 2010 and 30 April 2012 in branches of Clydesdale Bank, Yorkshire Bank and the West Bromwich Building Society.

 

More: http://www.telegraph.co.uk/finance/personalfinance/investing/10306919/AXA-fined-1.8m-for-bad-advice-on-Isas.html


Some useful links.

FAQ's

Making Posts

Letter Template Library

Bank Contact Details

AQ Guide to Completion

Court Fees

Data Protection non Compliance

Witness Statements for Court Bundle

Banking Code Website

Limitations Act

Fast Track Costs

A-Z Index

Mis-Claim Tutorial

Step By Step Instructions

 

Remember: The Ark was built by amateurs-The Titanic by professionals.

 

Please click my scales if you find my advice helpful !

 

If your claim is successful, please donate 5% so that it can continue to help others.

 

Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

WARNING TO ALL

Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

 

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

YOU CAN NOW COMPLAIN TO THE OFT ABOUT THEIR CONDUCT UNDER THE CONSUMER PROTECTION FROM UNFAIR TRADING REGULATIONS 2008.

Share this post


Link to post
Share on other sites
Sign in to follow this  

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...