The Treasury Committee has attacked the quality of IFA advice given to clients with money deposited with Icelandic banks in the run-up to their collapse in October last year.
In the first report in a series on the Banking Crisis, 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 intends to probe the role of advice to customers in its forthcoming enquiry into the banking crisis. The report also considers the case for assistance by the UK Government to UK citizens who deposited money in the offshore subsidiaries of the Icelandic banks, as well as for loca...
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