This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.


  • Print
  • Comment

Editor’s comment of the week

Response to editor’s online view, headlined, FSA must ignore lender pleas over non-advised ban

I fully understand many of the comments regarding the removal of choice.

However, there is a very real risk that without this ban, bank staff will steer customers towards products that are inappropriate, without any recourse when things go wrong.

For instance, I recently had a client who, during our meeting, stated that they were keen to have a fixed-rate product because they did not want to accept the risk of potential interest rate changes.

However, upon visiting their local branch of HSBC, the mortgage arranger stated that they would be better going on a tracker product because interest rates were not going to increase any time soon.

Having worked for the aforementioned lender, along with several others, it cannot be questioned that these practices are commonplace.
If an adviser made these statements and then things went pear-shaped, there would be reason to complain but if you go down the non-advised route, where would clients go?

I am not big on over-regulation but it is clear that there are certain areas that definitely need to be addressed.

Name supplied

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


Do you see the value in adviser trade bodies?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments