Charlie Weston: Accountants warn elderly to be wary of cowboys
Published 12/08/2010 | 09:49
SENIOR citizens tend to have a few bob in savings but they are very vulnerable to bad advice and to being ripped off by cowboy operators.
Reports from the financial services ombudsman always contain depressing case studies of how people in their 70s and 80s were persuaded by some chancer to put their nest egg into a 10-year bond or some other unsuitable investment.
Often, this bad advice is dispensed by a bank, which is shameful and emphasises why we need a “name and shame” policy for errant institutions.