Elderly Financial Protection Case

Summary

The Financial Conduct Authority (FCA) mandates that firms treat customers fairly, especially vulnerable ones. The Mental Capacity Act 2005 protects individuals lacking decision-making capacity. In cases like your grandmothers, where cognitive decline affects financial decisions, firms should identify and support vulnerable customers. Santanders failure to provide scam warnings and recognize unusual transactions may indicate negligence. Supporting evidence from a GP and a fit note can strengthen claims of incapacity. Consider consulting a solicitor specializing in financial or elder law for further assistance.

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My grandmother has anxiety, depression, memory loss which could be dementia and was scammed and Santander are not reimbursing this. My grandmother applied for a personal loan and could not even remember the amount that she had applied for, she thought it was for £* and it was actually more than this which shows her capacity to apply for finance is clearly diminished. The agent was clearly unaware of this when they progressed her loan. When looking at her transaction it was clear to see it was unusual behaviour and this was not identified. My grandmother also received no scam warnings to warn her about the risk she was involved in even when she was speaking with staff members in Santander on a couple of occasions when withdrawing money in branch. The complaints handler at her medications and said the side effects cannot be attributed to the decision itself yet she ignored the health conditions and how they affect her day to day, this is incompetent and unfair. My grandmother applied for a personal loan with Santander and does not remember applying for it or how much it was. They have not considered her health conditions and her cognitive decline as a reason for why she was scammed. Can you please include legislation and Principles about protecting vulnerable customers and treating them fairly including those from the FCA in why my grandmother should get reimbursement. Can you also mention how no scam warnings were given when my l grandmother applied for her personal loan or withdrew cash from within the Santander bank with the cashier. Can you mention how my grandmother has a fit note from her GP as she is too sick to work and can you also include how their is supporting evidence from her GP on why her health conditions are the reason why she fell victim to the scam. Santander have only considered the side effects of medication my grandmother has had. Can you write a * word case on this why my grandmother should be reimbursed including how it doesn’t meet legislation, how my grandmother does not have the mental capacity, how she has been advised to take time off work due to her health and the protection vulnerable customers have. I’m in Liverpool England
Hi Anthony,
I'm sorry to hear about your grandmother's situation. Here are some key points that could support your case:
- Financial Conduct Authority (FCA) Principles:
- Principle *: A firm must pay due regard to the interests of its customers and treat them fairly.
- Principle *: A firm must pay due regard to the information needs of its clients and communicate information in a way which is clear, fair, and not misleading.
- Principle *: A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.
- FCA Guidelines for Vulnerable Customers:
- Firms should identify vulnerable customers and ensure they are treated fairly.
- Firms should provide appropriate support and protection to vulnerable customers.
- Mental Capacity Act *:
- Protects individuals who lack the mental capacity to make certain decisions.
- Ensures that decisions made on behalf of someone lacking capacity are in their best interests.
- Key Arguments:
- Your grandmother's cognitive decline and health conditions impair her decision-making ability.
- Santander failed to identify and support a vulnerable customer.
- Lack of scam warnings and failure to notice unusualtransactions indicate negligence in customer protection.
- Fit note and GP evidence support her incapacity to handle financial matters.
You may want to contact a solicitor specializing in financial or elder law for further assistance.
Would you like more detailed guidance on how to proceed with a complaint to the Financial Ombudsman Service?