118 118 under fire over 'financial advice' text tips

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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...

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