State-backed Lloyds bank has admitted that it mis-sold Scottish Widows structured products to thousands of customers and has said it will now undertake a review of sales, according to reports.
The mis-selling by Lloyds' branch advisers took place between 2007 and 2012 and involved customers who were advised to invest in the Scottish Widows Capital Protected fund 5, the Daily Mail reports. Returns as high as 75% were reportedly being touted by the bank, along with complete capital protection. However, due to the volatility of the FTSE 100 since 2007 the returns failed to materialise. The bank is said to have pocketed commissions of £2,000 on each £40,000 fed into the structured products. A special complaints team at Lloyds will now review every policy that ends with a poo...
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