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Financial Advisers In Trouble Again

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Same old banking industry, same old tricks.

Where's the regulator?

Companies would be losing their trading licenses in any other industry.


A third of financial advisers are breaking City watchdog rules designed to protect consumers, according to a new survey by consumer organisation Which?

In another ‘mystery shopper’ raid some 35% of almost 60 advisers visited failed to provide the Financial Services Authority required documents on costs.

Rules introduced by the FSA last year require all financial advisers to give clients two "Keyfacts" documents on costs and services before giving advice. More than 80% of the ‘tested’ advisers did not explain the purpose of the cost document and around 30% also failed to provide "Keyfacts" on services.

Tied advisers, who mainly work for high street banks and building societies, were the worst - just 16% passed all the standards. Compared to independent advisers they also offer a limited choice of product provider and on some products tend to take more commission.

A Bradford & Bingley adviser selling protection insurance said they were free to choose the product provider, when in fact they are tied to Legal & General. And an adviser at HSBC, again selling protection insurance, said the bank had an agreement with different insurance companies, but that he’d recommend an HSBC policy. This was, in fact, the only income protection policy he could recommend

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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