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Broker Talkback

Do you think banks are capable of delivering impartial money guidance?

No 88%
Yes 12%

No “Banks are wholly incapable of giving impartial advice because of their management structure. They are entirely target-driven and this will not change.”

Paul Phillips, P W S Partnership

No “They will plug their own products even though the products are no good and the banks are no good. The banks have destroyed this industry.”

Laurence Halter, Compton Financial Services

No “How can they give impartial advice when they’re not independent?”

John Pidgeon, John S Pidgeon & Co

No “I would have thought there’s very limited opportunity of them giving unbiased advice as they are effectively acting as tied agents and they tend to sell their own products.”

Tamar IFA Ltd, David Locke

No “If you are a paid employee of a bank you are bound to be biased in favour of that bank’s products. To suggest you can be impartial is nonsense.”

Sean McCabe, Independent Financial Advisors Ltd

No “History tells us that they haven’t in the past and currently they aren’t. They will always have an ulterior motive for their advice.”

Paul Hedgley, Hedgley Financial Services

Yes “They are capable but they are not going to. I used to work for a bank so I know the pressure that bank employees are under.”

Martin R Gale, sole trader

No “They are sales-driven with limited product ranges and this is not compatible with providing impartial advice.”

Richard Green, sole trader

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