1 in 4 Bank Advice Unsuitable
Published / Last Updated on 13/02/2013
1 in 4 Bank Advice Unsuitable.
The financial industry regulator, the Financial Services Authority (FSA) has confirmed disastrous figures from a mystery shopping exercise on the standards of financial advice from the banks.
Mystery shopping was carried out in March and September last year and 25%, that’s 1 in 4 of all advice offered was found to be unsuitable.
Over 230 mystery shops were done and these figures show little or no improvement from the mystery exercise 5 years ago.
In 11% of cases the adviser gave unsuitable advice.
In 15% of cases the adviser did not gather enough information to ensure suitability of the advice.
Our view
If 1 in 4 was unsuitable, it no doubt could mean that 1 in 2 was just about acceptable. It just reverts back to what we have said for years, take financial advice from us and never from a restricted, biased, bank adviser.