What are High Income Bonds?
The Financial Services Authority has issued a consumer alert about high income bonds. They describe high income bonds as stock market-based products which generally offer a rate of income that is considerably higher than that offered by banks or building societies for savings accounts.
Products advertised as 'high-income' include:
- corporate bonds;
- funds that invest in corporate bonds; and
- bonds or shares linked to a particular index or indices such as FTSE 100, NASDAQ 100 etc. Some of these products are available as an ISA (Individual Savings Account), and advertised as such.
If you have been advised to purchase a product like this, but believe that it was unsuitable for you at the time, perhaps because the risks you were running were not explained to you, we may be able to help.
It is always important as a first step to set out your complaint in writing to the person or company who sold you the product. We can help you with that if you want us to.
If your complaint is not resolved to your satisfaction you may be able to complain to the Financial Ombudsman Service. Again we can help you with that, although it is likely that you would not recover your legal costs, even if you were successful.
If the Financial Ombudsman Service cannot help, then you may wish to consider Court action. Again that is something we can help you with.
For more information call 0870 3664120 or drop us a line.