Will the FSA conduct one of its famous reviews on bank “advice”? There is as much chance of that as seeing Lord Lucan roaring around Canary Wharf on Shergar.
Glad to see Which? proposes to take action on bank investment advisers, this has been going on for too long and the FSA seem to be ignoring the problem or simply does not want to upset the banks as brokers are easier targets. Now how about also challenging them on protection products and mortgage advice. I regularly have to rescue clients who have been sold products which can only be to meet a target imposed on the bank seller.
J Allan Campbell
This practice is still going on right now by one of the biggest banks. “Salespeople” cannot meet targets and in this current climate there are very few who can and are willing to try and take on their employers for fear of losing their jobs or being “performance-managed” – never mind best advice. Who cares what that is?