An elderly couple is blaming a local investment firm for the loss of €190,000, saying they were sold a high-risk product intended for experienced investors rather than the low-risk product they wanted.

Andrew John Downing and his wife Jennifer Frances today filed a judicial protest against a Sliema-based investment firm.

They said that prior to investing their savings they had filed a written request to the firm specifically stating that they wanted to invest in a low-risk product. Nevertheless, the protest stated, the firm disregarded such instructions and sold its clients complex products solely designed for experienced investors.

The couple is claiming that the firm did not apply the suitability test correctly to determine if they would be capable of managing the product. While no assessment was ever made of Mrs Downing, in the case of her husband the test was carried out “superficially and belatedly”, the protest said.

The investments were nevertheless inconsistent with the profile of the two clients, the couple said. Furthermore, they accused the firm of not providing enough information about the legal and financial nature of the investment.

Consequently, they had lost €190,000 and possibly more. They pointed out that this amount did not include and interests which could have been gained had the clients invested the money in other ways.

For this reason, the couple is demanding that Hollingsworth International Financial Services Limited liquidate damages in their favour or else face court action.

Lawyers Stefano Filletti, Jasmine Abela and Davinia Sullivan signed the judicial protest.

 

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