Westerby Private Pension (CAS-58612-P1X1)
Ombudsman’s Determination
Outcome
I do not uphold Ms R’s complaint and no further action is required by Westerby.
Complaint summary
Ms R complained that Westerby did not carry out sufficient due diligence when it allowed her to invest £120,000 in a loan note issued by Renewable Land Resources Limited (RLR). The loan note subsequently defaulted, and she has lost the majority of its value. Ms R also complained that Westerby’s fees were high, as it did not adequately update her on the ongoing situation with the loan note.
Ms R asked to be reimbursed the amount she lost in the loan note.
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