Ombudsman orders Sanlam to pay out for advice given 30 years ago

Two complainants 'wrongly sold'

Hannah Godfrey
clock • 3 min read

Sanlam Life & Pensions has been ordered to compensate two clients for financial advice it gave three decades ago on four long-term savings plans

The complainants told the Financial Ombudsman Service (FOS) they were each wrongly sold two unsuitable savings plans, which included life cover, that needed to be retained for several decades to deliver a decent return. One complainant, Mr H, told the ombudsman he was sold the two plans in 1989 and 1991 when he was in his early twenties and without any dependents. The second complainant, Mr K, was 31 at the time of the advice and also had no dependents. He was sold two long-term savings plans in 1990. Representatives of Mr H argued there was no evidence of a requirement for a long ...

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