IFAs have hit back at Treasury Committee claims that advice given to clients with money deposited with Icelandic banks in the run-up to their collapse in October was not good quality.
In its report into the impact of the Icelandic bank collapse, the Treasury Committee says: "Bearing in mind the heavy coverage in the financial press of Iceland's fragility we would have expected offshore savers using independent financial advisers to have been advised of the changing risk profile of their savings." It also announced plans to probe the role of advice to customers in its forthcoming enquiry into the banking crisis. However, advisers have reacted angrily to the Treasury blaming them for the crisis. John Boyle, director of Chartwell Financial Management, says: "The failu...
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