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‘Which? undermining value of advice’

Unbiased.co.uk chief executive Karen Barrett says Which? is undermining the value of advice by providing a free mortgage advice service to its members.

Which? was given FSA app-roval last week and launched the service this week. It is free to members and their families and friends. Which? says it set up the service because its members said they do not know where to get “trustworthy” advice.

Barrett says: “One of the issues I have is that Which? uses the word free, which undermines the value of advice. We have worked really hard to ensure that people really value professional, independent advice.

“Which? says its members say they cannot find trustworthy advice but I believe the claim is based on conversations Which? has had with people on its phone lines.”

Which? confirmed to Money Marketing that it would recommend an interest-only mortgage if it felt it was right but would not advise on protection products and will refer customers looking to set up an investment vehicle for an interest-only mortgage or for protection advice to unbiased.co.uk.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. How very noble of Which?

    However, I suspect this will come back and bite them on the bum really very hard.

    Which?’s first mortgage complaint will be big news and if they are doing this at any volume it will happen sooner or later.

  2. If you ask loaded questions, then you get the answers you want.

    Will Witch have people qualifed to QCF4 giving the free advice? Is it “free” because Witch is taking commissions from the lenders it uses?

  3. Is the FSA or ASA investigating Which? for advertising ‘free’ advice which clearly it is not if they are taking arrangement fees?

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