Which? report criticises quality of financial advice from banks

A new report from the consumer group, Which?, has criticised banks and building societies for giving poor financial advice to 32 out of its 37 mystery shoppers. The report also concluded that financial advice should be sought from an Independent Financial Adviser (IFA). Mystery shoppers Which? carried out the mystery shopping exercise in September and October, visiting 37 banks and building societies where they found that only five gave good advice. In contrast four out of six firms of IFAs visited gave good advice, When assessing the quality of the advice Which? considered areas such as, whether the adviser disclosed their tied status, whether the Financial Services Compensation Scheme (FSCS) ...