Age UK has confirmed it is to return any commission relating to Nursing Home Fees Agency misselling back to clients it recommended to the HSBC-owned firm.
On Monday, the FSA issued the largest ever retail fine of £10.5m against HSBC because of inappropriate investment advice provided by NHFA to 2,485 elderly customers between 2005 and 2010.
Age UK, formerly known as Help the Aged, recommended clients to NHFA during that time. Help the Aged had a relationship with NHFA until 2009 but says it did not advise potential customers or have any input in investment decisions.
The relationship was ended in 2009 when Age Concern and Help the Aged merged to form Age UK.
Age UK Enterprises managing director Gordon Morris says: “HSBC, as parent of NHFA, bears full liability for their losses, however we are offering to return any historic commission made by the charity Help the Aged on the product to those affected or their families.”
A helpline for those affected has been set up for those whose product is linked to Help the Aged on 0800 030 4709.