How can this be considered good advice?

The Times carries an article about elderly pensioners being sold captial risky bonds.

It is a simple fact that it is almost impossible to consider a situation where investing the majority of the capital of an 83 year old into a bond where the capital was at risk to be fair competent or good advice. Yet it continues to happen.

In the case highlighted here we have a case of £12,000.00 in commission for one transaction. However,  that is not all - the funds in many cases like this are invested in the salesman's own company bonds and with no obligation to recommend or mention any of the alternatives because that is what they are salesmen they sell their own products they are NOT Independent Financial Advisers!

As we always say on yourmoney.co.uk Find an IFA, a real IFA, a real adviser and NOT a Bank salesman or a salesman from a "Wealth Manager".

This particular case is with the Ombudsman but one wonders about the any firm that would defend its actions in this case.