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The Life Insurance Market

Sunday, August 30

Which? are right to warn of the dangers of bank advisers @ 07:14 PM

Which? are right to warn of the dangers of bank advisers and have said they may consider complaining to the Ombudsman on behalf of customers. Although their concern focuses on investments, a fundamental flaw exists with all tied ‘advisers’. How can you be a genuine adviser if you leave out important information due to company bias?

Meanwhile AIFA have called for the FSA to investigate bank advice. It cannot be right that a customer can go to their bank to seek advice, talk to an ‘adviser’ yet that adviser can only direct them to limited range of products from just one company, their own company. That kind of bias is not advice.

The title of ‘adviser’ is misleading and should be changed to something more appropriate such as ‘customer service representative’. Otherwise consumers will continue to buy inappropriate products and make ill-informed decisions because they have been led to believe they have been given the whole picture by an ‘adviser’ who’s job, in reality, is to ensure they are kept in the dark about the potentially superior offerings of other companies. -- 1 comments: View - Post your own comment

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