Elderly Must Be Careful to Get Things Right on Funding

Elderly Must Be Careful to Get Things Right on Funding

Saving for long-term care has become a choice of many but reports of HSBC’s yesterday hitting a record of £10.5 million fine for mis-selling investment products to elderly and disabled customers have stressed and worried many onlookers of the program.

Moreover, yesterday’s news also raised big questions about how Britons could save for long-term care and how safe are their investments.

The above confirmation of misleading customers has been submitted by the Financial Services Authority, which has clearly mentioned in its recent report that about the advisers and the bank officials, who have been found mis- selling products to approximately 2500 customers with an average age of 83.

One of the misleading programs suggested the elderly customers to pay a minimum investment of five years even though they were not expected to live that long.

HSBC has been fined to pay almost £30 million as compensation fee. To save all the affected customers, HSBC bank is thoroughly examining all the cases. Thus, all those people, who think they or any of their relatives have become the victims of this fraud and have also bought an investment policy from HSBC's subsidiary NHFA between April 2004 and 2010 are recommended to approach the bank officials to seek guidance and save their loss. Also, all those, who are currently organizing or opting for any long-term care funding, are advised to seek guidance ahead of time.

In its yesterday’s statement, the Financial Services Authority announced about fining HSBC for £10.5m for finding the bank’s now-defunct subsidiary, NHFA Limited, mis-selling and misleading its elderly customers.

Care Asset Management said in a statement: “The key requirement is that clients are empowered to make an informed decision based on access to all of the facts”.

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