IFAs hit social networking site Twitter to express their anger after an undercover investigation found financial advice given by high street banks and building societies is failing consumers.
tcfdan David Norman aka DAN
When will the industry learn? This just fuels radical intervention by Govt FSA.
gkearney1 Gordon Kearney
Which Found only 5 out of 37 advisers in banks and BS's gave sound advice in an undercover operation. 5 more than I would have suspected!
CashQuestions Annie Shaw
You really have to wonder how poorer consumers are going to get the right financial products with MAS a shambles and banks a rip-off
ConduitFS Jeremy Askew
Terrible that this isn't such a surprise. Will Senior Management apologise?
malcolmsteel Malcolm Steel
Epic mismanagement, record FSA fines for mis-selling, panorama expose and today's #Which? report. Why would anyone take advice from a bank?
martinbamford Martin Bamford
Why do investors still think they are getting 'advice' from the banks? It's always a thinly disguised product sale infrmd.ch/t6dWkk
PaulGormanCFP Paul Gorman
Which? said investigation suggested consumers "should always talk to an IFA" before investing.
CoreData_UK Craig Phillips
FSA/Which? bank mystery shop should create opportunity for IFAs. Problem is most consumers see all advisers as same and usually negatively!
YellowtailFP Dennis Hall
Bank's fin advice is poor, wrong, pays high commission Which? ow.ly/7v2R6 >Which? survey at least 15 years late!
money2themasses Damien Fahy
High street banks offer risky investment advice, says Which? - good to see 4 out of 6 IFAs gave good advice though
PeteMatthew Pete Matthew
Banks are not the best place to go for investment advice. Shock! Horror! Gasp! ht.ly/7v5mw
theactualpolson Mark Polson
Obviously bank advice sucks. But am disturbed that only 4/6 IFAs mystery shopped gave good advice. Who were the 2 and what did they do?
wishartwealth Iain Wishart
The irony is - you offer client fees,full financial planning, low cost institutional investment & bank commission viewed as 'free' advice!
Feasibility study due
'Let’s be bold enough to demand change'
Joint life second death option added to relieve tax burden on couples gifting assets
Backed by Schroders, LGIM and the IA
New system for funds without without three-year track record