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Consumer Complaints about Banking Services and Investments Growing Rapidly
Consumer Complaints About Banking Services And Investments Growing Rapidly
A couple in their sixties first met an advisor at an investment seminar. He arranged a meeting and recommended that they borrow $450,000 to invest. Although uncertain, the clients signed the loan documents. A week later, the advisor found out that the clients only qualified for a lesser $300,000 loan. He authorized the amendment to the loan and the money was invested a few days later. After receiving a loan acknowledgement and investment confirmation in the mail, the clients immediately called the advisor to complain as they believed they had just signed an application.
A couple in their 40s deposited $100,000 with a mutual fund dealer, obtained a “2 for 1" loan, and invested a total of $250,000 in mutual funds.
A client with about $1,000,000 in GICs and a number of real estate investments met with an advisor. His account application said that he had an investment time horizon of 15+ years and objectives of balanced capital growth. He was quite knowledgeable and worked in real estate development.
The retired client's only asset was a $500,000 one-year Guaranteed Investment Certificate (GIC). She rented an apartment with her sister and had no debts or liabilities. For income, she received Canada Pension Plan (CPP) payments and monthly interest from her GIC.
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