Roy Anderson

Roy and Fran Anderson wrote to me this week to tell their story.
...
Roy retired as a Westpac bank manager in Sydney and moved to Sanctuary Cove on the Gold Coast, at which point they met, through a mutual friend, an agent of BT Australia.

At his suggestion, in August 2000, they invested $510,000 with BT Private Investment Fund - all of it in its international share fund.
...
There are two problems with the treatment of Roy and Fran: first, they were advised to put all their money into one risky asset class, or at least not advised not to; second, they say that BT/Westpac doesn't want to know them any more.
...
Roy wrote: "We are told nothing, there are now no quarterly reports issued and we are not privy as to what stocks the fund has invested in.
...
The head of BT Direct, Kevin Powell, says the Private Investment Division sends out quarterly statements and there is a hotline and relationship manager for each client, including Roy Anderson.
...
Roy and Fran Anderson were paying BT $137 a week to lose their money, don't forget.