The Institute of Financial services has released research that one in three banks believe that financial services regulation is damaging their commercial position.
Our view
1. What a shock the research comes from the IFS who are a subsidiary of the Chartered Institute of Bankers.
2. Tough!!!!!!!!! Since the original loosening of rules i.e. the de-regulation of Banks and Building Societies in the Building Societies Act 1986 and the Banking Act 1987 allowing banks and building societies to diversify into life insurance, pensions, investments and estate agency, the banking groups have continually abused their position and indeed still do!
They flex their muscles, sell pretty much what they want with no regard for best practice and seem to be continually fined by the regulator and end up tarnishing all financial advisers with their same dirty brush.
Did you know that 90% of all complaints to the Financial Ombudsman are for bank and building society based financial advisers?
Take our advice! Only seek financial advice from a non-banking group.