FSA must identify banks giving poor advice, says FSCP

FSCP chair Adam Phillips said the anonymity of the institutions means consumers "are kept in the dark". Santander has been named as the bank referred to the FSA's enforcement unit following its investigation, though it has not commented on the reports. The regulator conducted a mystery shopping exercise by making more than 230 undercover visits to six major retail banks between March and September last year. Among its findings were that, in 15% of mystery shops, the adviser had not properly ascertained the level of risk customers were willing and able to take while, in 13%, the adv...