A damning report on one year's undercover research by the Consumers Association has found that the advice offered by Bank, Building Society and Estate Agency financial advice in connection with a first time buyer mortgage to be extremely poor.
The report claimed that only 1 out of 39 advisers gave acceptable advice. It also said that 23 advisers recommended life cover when it was not needed.
The industry has been quick to point out that it was not Independent Financial Advisers who were found wanting but the fear in the industry is that IFA's will get tarnished with the same brush.
Our view (and the industry's)
Yet again our "financial adviser" cousins in Banks and Building Societies etc drag the quality independent financial adviser end down with them!