Research by ING, which they believe is one of the most comprehensive into the UK savings market, has indicated that there is a mass of sales people from banks and building societies employing sales tactics that could be construed as misleading.
The report indicates that nearly 40% of bank and building society salespeople are vague in the information that they offer to customers. In addition, 37% made claims about their products that were questionable.
The research was carried out by Consumer Analysis group found many high street brand name banks and building societies scoring highly on the 'getting the client confused' scales.
Our View
It is estimated that 90% of all complaints made to the Financial Services Ombudsmen are for advice given by banks and building societies.
Why is that? We believe it is very simple: Poor training - High commission targets. Generally, they only sell their own products and are not independent. They do not act on your behalf (unlike an Independent Financial Adviser who acts on your behalf and not on behalf of any company).
Our Advice NEVER SEE A BANK OR BUILDING SOCIETY FINANCIAL ADVISER! Remember, they are employed by a firm - so who do you you think they are working for - you or the bank? Always see an Independent Financial Adviser. If possible, try to see a smaller financial adviser - ideally the owner of the business. You know then that it is in their interests to make sure they look after you.
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