High street banks panned after retirement advice sting

The undercover sting found only five of 37 bank advisers gave ‘good' advice, with the rest failing in areas including obtaining a fact find, assessing attitude to risk and explaining customer rights under the Financial Services Compensation Scheme (FSCS). Between August and October this year, researchers posing as retired savers visited bank and building society branches on the premise they had a lump sum above the £85,000 FSCS deposit limit to invest. They met with 18 advisers claiming there was no cost for their advice. One Yorkshire Bank adviser told the researcher to invest £50,00...