Which? fails 90% of banks on advice
Thursday 25 March 2010
According to Moneymarketing “Almost 90 per cent of banks and building societies gave inappropriate financial advice on how to invest a lump sum to mystery shoppers from Which?, in an undercover investigation.
Which? researchers found just four of 37 branches gave good advice, while the remaining 33, or 89 per cent, recommended “inappropriate products without properly explaining the risks”, or failed to get even the “basics of good advice” right.
Which? says Lloyds TSB and Halifax performed no better than the rest, despite being bailed out with taxpayers’ money.
The investigation shows 21 of the 37 advisers recommended that the researchers put some of their money into capital-guaranteed products, with eight touting these plans as “no risk”.
I am remindeed of the film Network. The classic scene dubbed, “I'm Mad as Hell”. See it here on You Tube below. The Banks will continue to be targeted by this government and successive ones until we eventually have something workable we can all trust. In the meantime, perhaps investors need to tell the banks that they are fed up with “inappropriate financial advice” and being wholly self interested. Moreover, take their business elsewhere.
posted by Murray Round Wealth Management @ 09:16,
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Nicholas Round
Nic is the Managing Director of Murray Round Wealth Management Limited, who seeks to ensure the advice provided is truly independent. Based in Shropshire with clients local, national and worldwide, Nic has strived to find the best possible service for his clients needs, by researching and studying the market, trends and philosophies. Nic strongly believes Asset Class Management will bring his clients Financial Freedom, Independence and Happiness.
Kirsty
Kirsty is our communication guru. Managing information requires considerable due diligence and her passion for organisation gives the clarity we all seek. From Shropshire, with a Psychology Degree and much travelling, she is now back in Shrewsbury...and London often, keeping us all at Murray Round focused.
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