Popular directory provider 118 118 is using unreliable websites to source "financial advice" it then passes on to consumers using its 'Ask Us Anything' service, an IFAonline investigation has uncovered.
The enquiries service is hiring graduates for its Q&A tool who answer quick-fire questions, possibly using unverified information on Wikipedia, on pensions, mortgages, investments and protection. On one occasion, when asked what one should do if deeply in debt, it replied: "Try applying for a loan with a low interest rate". The Association of IFAs (AIFA) says there is "clear potential for consumer detriment" and has called on the regulator to investigate. According to the FSA, "generic advice about types of investment" is not regulated but it says it is "always grateful" for informati...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes