Age UK (formerly Help the Aged) has issued a grovelling press release in the wake of the FSA investigation into HSBC and its subsidiary NHFA, which between 2005-10 missold bonds to cover long-term care costs. Clients, average age 83, were recommended to invest for 5 years — longer than they were expected to live. Under the circumstances, an ISA or a higher fixed interest rate savings account would have been a much better option. The FSA has fined HSBC £10.5 million, and NHFA is expected to foot a compensation bill for £29.3 million.
Says Age UK:
“Help the Aged had a relationship with the Nursing Home Fees Agency from 2003 until 2009 in which it acted as an introducer for the NHFA . The NHFA also ran a care home fees advice line and offered an equity release product on behalf of Help the Aged.
“Help the Aged did not advise potential customers or have any input in investment decisions. The contract was reviewed as part of the Age UK merger process and it was decided to terminate the contract.
“NHFA were a major adviser in the area of funding care home fees and were trusted by many including Help the Aged. We are urgently reviewing the findings to see if today’s announcement affects Help the Aged customers and how we can help them access compensation from HSBC, NHFA’s parent company.”
The vulnerability of well-meaning charities to the blandishments of sociopath financial product salespeople is a matter of concern. Earlier this year Eulogy Magazine exposed an unhealthy relationship between Sue Ryder and King’s Court Trust – here.
While it is still in the throes of repentant self-flagellation we express the earnest hope that Age UK will uncouple itself from Dignity funeral plans.
Age UK Funeral Plans
4 King Edwards Court
King Edwards Square
West Midlands B73 6AP
Dignity Funerals Ltd,
4 King Edwards Court,
King Edward Square,
West Midlands, B73 6AP