Antony Gibbs Ltd.
Sir: I was horrified to read your article (Skinflint, March 10), concerning Mr Walton's complaint about our firm and I am sorry you did not discuss it with us first.
Indeed, it is true that a member of our Bristol branch did make these recommendations and did not explain the management charges on insurance bonds as he should have done. Steps have been taken to ensure that this will not happen again.
However, Mr Walton was sent the booklets describing the bonds, which gave a full and clear account of the management charges and of how they are made.
I would like to take up Mr Walton's statement, " I have had a long correspondence with them, all to no avail." Having made the original mistake and despite having sent booklets on each of the proposed investments, we decided that the only way to satisfy Mr Walton was to offer to refund the full amount invested, i.e. E10,000 plus interest for the period during which the insurance companies had had his money. This was done on December 6, 1972, and I quote from his reply dated December 8 — " Although your suggestions are very fair I do not propose to accept them," and he went on to suggest that we should pay him a cheque for E100 as compensation for the time he had spent in pursuing the matter to a conclusion.
Our firm has built up its reputation with its many thousands of clients by always acting with the highest integrity and although I am afraid we do make occasional mistakes we are only too eager to rectify them, as in fact we tried to do in this case.
I hope you will give this letter the same publicity as Skinflint gave to Mr Walton.
Julian Gibbs Antony Gibbs Ltd, 7 Hanover Square, London WI
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