FSA uncovers poor bank investment advice after mystery shop

The regulator, conducting its first mystery shop since a similar exercise into payment protection insurance sales five years ago, carried out a total of 231 visits to six major retail banks. While about three-quarters of customers received good advice, the FSA said, there was evidence of mis-selling. In particular, in 11% of its mystery shops, the evidence suggested the adviser gave the customer unsuitable advice. In 15% of visits, the FSA said it found examples of advisers failing to gather enough information from the customer to ensure the advice was suitable. In 15% of mystery s...