Isaac's victory over missold advice from Barclays

It was a victory for 91-year old, Isaac Price, when Barclays Bank finally finally agreed to fairly compensate him for the misselling of financial advice to him nearly two years ago.

Isaac, who had up to that point kept all his money in savings accounts wanted to find a way to augment his income to pay for his care home expenses. He had banked with Barclays for over 70 years and trusted the salesman who called on him and his nephew Walter Rogers in July 2007 at the care home where he lives. Both men, retired farmers, had little investment experience and trusted the salesman.

The advice which proved disastrous was to put half the money into Aviva Global Cautious Income and the rest into Aviva Global Balanced Income - which were unknowing to Mr Price, high risk investments: and by November 2008 Mr Price's savings had dropped to £125,000, with some recovery to £140,215 by 12 June.

Finally, thanks to Money Mail a letter was received by Mr Price from Senior Customer Relations Officer Frank McGoldrick who acknowledged that the advice was misleading and missold, that the elderly Mr Price could not have been aware of the level of risk involved in the new policies and awarded Mr Price the payout of £193,865.

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