Did HSBC Sharks Prey on 20,000 Pensioners? Staff Were Told to Target Lone, Elderly Customers

Byline: James Salmon Money Mail Chief Reporter

MORE than 20,000 pensioners may have been victims of the HSBC investment mis-selling scandal, it emerged yesterday.

The shamed High Street giant will contact 11,000 elderly savers sold investments intended to fund the cost of care in their old age since 2004, by its rogue advice subsidiary, the Nursing Homes Fees Agency.

An estimated 10,000 more may have been lured into gambling their cash since the firm was founded in 1991. Many of the victims are likely to have already died.

On Monday, HSBC was hit with a record [pounds sterling]10.5million fine and ordered to pay [pounds sterling]29.3million compensation after NHFA was found to have mis-sold investments to 2,485 people between 2005 and 2010.

Victims, who were on average aged 83 but some as old as 94, were …

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Publication information: Article title: Did HSBC Sharks Prey on 20,000 Pensioners? Staff Were Told to Target Lone, Elderly Customers. Contributors: Not available. Newspaper title: Daily Mail (London). Publication date: December 8, 2011. Page number: 4. © 2007 Daily Mail. COPYRIGHT 2011 Gale Group.

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