BBC Radio 4's "Money Box Investigates" is to air an undercover investigation into the standards of f...
BBC Radio 4's "Money Box Investigates" is to air an undercover investigation into the standards of financial advice offered by tied and independent intermediaries that will "shock" listeners, according to a preview of the programme "The Price of Advice".
That shock has already been shared by industry experts, the BBC says, including SOFA chairman Nick Bamford, Tax Briefs editorial director Danby Bloch, and the Consumers' Association's Teresa Fritz, the BBC says.
Among the findings: one adviser urges a client to invest in a corporate bond ISA because it carries no risk, another tries to hard sell CIC to a client whose mother has just died, and others still send follow-up letters of their meetings with recommendations that contradict what has previously been said.
Incentivisation of tied agents also gets a grilling through recordings of conversations with a Lloyds financial consultant who claims he must sell unsuitable products in order to meet sales targets.
"Money Box Investigates" airs at 8PM tonight on Radio 4.
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