Lianne Lodge responds to news of HSBC's mis-sold care home payment policies.
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associate and Member of Solicitors for the Elderly, writes:
I was shocked to read about HSBC mis-selling care home payment policies to scores of vulnerable elderly people.
The people who bought into this scheme did so in good faith, putting their trust into a household name. The policies were sold by a subsidiary of HSBC which no longer exists but for the thousands of elderly people and their families who bought into this who shouldn’t have, the pain continues. HSBC’s ‘bumper payout’ may go some way in alleviating the upset but this sum, or any sum for that matter, cannot make up for the confusion and upset caused.
It is important people take good, trusted advice. Advisors must then in turn look at the bigger picture aiming to ensure client needs are being met across the board. There is no point in solving one problem which might be creating another elsewhere or ignoring issues that will have a knock-on effect.
With an ageing society, many of whom may be vulnerable, we need to have safeguards in place to ensure things like this cannot be allowed to happen.
Associate, Pagan Osborne and Member of Solicitors for the Elderly
Queen Street, Edinburgh