Salesmen working for the Nursing Home Fees Agency
, a subsidiary of HSBC, persuaded people as old as 94 to bet their life-savings on stock market schemes they wouldn't live to see pay out.
Age UK yesterday revealed it had involvement with NHFA, previously known as the Nursing Home Fees Agency
, through its Help the Aged arm, but insisted it was not involved in investments.
Its NHFA subsidiary, previously known as Nursing Home Fees Agency
, advised 2,485 customers, with an average age of 83, to buy into five-year bonds to fund their care, even though many of them were likely to die before the investment term was up, the Financial Services Authority (FSA) said.
Announcing the fines, the Financial Services Authority said that a subsidiary of the bank, Nursing Home Fees Agency
, had provided systematically poor and unsuitable advice to investors.