Banks giving wrong advice to customers on Isa transfers

clock •

Some of the UK's biggest high street banks are failing to give the right advice to customers on transferring and managing their cash Isas, according to the results of a 'mystery shopping' exercise.

An investigation by Which? has found that staff at many of Britain's most prominent banks and building societies are not equipped with basic knowledge about the savings products, the Daily Mail reports. The consumer group placed 180 calls to 15 banks and building societies asking three questions about Isas.  HSBC, Yorkshire Bank and Royal Bank of Scotland (RBS) scored the worst, with HSBC staff answering correctly just 33 per cent of the time. Survey: Which? called 15 banks and building societies asking three questions about Isa transfers and limits. National Savings & Investmen...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Fifty years after 'Bogle's Folly', what comes next for financial advice?

Fifty years after 'Bogle's Folly', what comes next for financial advice?

'Indexing will continue to grow, but the wrapper through which investors access it will change'

Gillian Hepburn
clock 12 October 2026 • 4 min read
Chris Justham: Why the industry must 'entertain and engage' investors

Chris Justham: Why the industry must 'entertain and engage' investors

‘We can’t just offer them a dry cracker and ask them to chew it down’

Chris Justham
clock 07 October 2026 • 3 min read
Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Two new funds launched

Michael Nelson
clock 06 October 2026 • 6 min read