I am sure you have all experienced this scenario. A large sum of money appears in a client’s bank account. Immediately, the bank’s in-house advisers are tipped off and start hassling the client, telling them: “We need you to come in to the branch”, where-upon they try and flog them an investment bond.
It happened to an 89-year-old client of mine recently, even though she was over the age limit for the product the bank was trying to sell.
Being from a more deferential generation, although older people do tend to jump when the bank tells them, they are often quite worried to be called in.
Simple question – should we be demanding a change in the data protection regulations to stop banks exploiting data this way, that is, a Chinese-wall-type arrangement between deposit taking and financial product selling?
If the bank is recommending another deposit product paying higher interest, then fair enough, or a cash Isa likewise, but isn’t it fair to assume the client puts money on deposit because they want it on deposit, not in an insurance bond?
West Riding Personal