A farmer from Chipping Norton has won a compensation payout from Barclays bank after he was given incorrect and inconsistent investment advice.
Mr Bolam won £23,000 compensation from Barclays after he took his case to the Barclays Investment Victims Club.
The club was established to help the 12000 people who invested in a high-risk investment fund after being told by financial advisors it was safe to do so.
Mr Bolam invested £72,000 in what was at the time the Morley Global fund. The fund was marketed as a moderate risk fund when in actuality it was considered by most in the financial industry as a high risk fund.
This means that though return on the fund could well be significant there was a high risk that the return would be non existent and the investment value would diminish sharply.
The mis-marketing of the fund led to the Financial Services Authority fining Barclays £7.7 million for failing its customers.
The Morley Global fund has now become the Aviva Global fund.
Barclays bank took £692 million from 12,000 people nationwide for investments into the fund, all of which were deceived by the bank into thinking their investment was relatively low to moderate risk.
Mr Bolam, who received £22,953.02 after the Barclays Investment Victims Club claimed for compensation on his behalf, heard about the victims club in the local press.
In recent times, mis-selling has become a real problem in the financial services industry.
