NatWest in 'MoneySense' shocker...

Blah99

Myrmidon_J wrote: »

Again, I'd point out that if IFAs were found to be offering genuine, impartial advice in just 20% of cases sampled, the profession would be utterly finished - and several members of this board would have a field day.

Why is it that the regulator is so obsessed with chasing and persecuting IFAs, when banks are permitted to act as irresponsibly as this, on such as scale?

(And why are we still subjected to those awful adverts?)

I know it's terribly unfashionable to expect people to take responsibility for themselves, rather than accept whatever is doled out to them then blame someone else.

But why are people surprised that a bank's advisors would push their own products?

If you go into PC World with a broken computer (god help you, you've already failed the intelligence test), you don't expect them to say "oh just take it to the shop down the road, they'll give you a more appropriate service". No, you expect them to say "our in house school dropouts, with precisely 47 minutes of training, will fix your PC in no less than 4 months and for the very reasonable cost of a thousand quid".

The difference is that an IFA has the presumption of special knowledge. In other words, when someone goes to see an independent financial adviser, they expect to get impartial advice that crosses different products and options from different providers.

So I can understand why IFAs are chased by the FSA and banks aren't, mostly because you've got to be a moron to believe any business, in financials or otherwise, won't push their own products.

the_annoyed_customer

click on the link from the OP as it says what has now happend to NatWest. Fill free to comment there link below http://forums.moneysavingexpert.com/showthread.html?t=1671417

Myrmidon_J

Blah99 wrote:

But why are people surprised that a bank's advisors would push their own products?

I am not in the least bit surprised. Such behaviour is exactly what I expect from NatWest, or indeed, from any of the major banks.

My major issue is that this is packaged and presented, through a national advertising campaign, and in branch, as "impartial" advice. It is an absolute joke.

I await the results of the investigation with interest!

LucyTheDwarf

dunstonh wrote: »

If you need serious help then a bank clerk with 8 hours training isnt going to do you any good.

That's so scary... people in desperate need of help will assume these people are experts. Though, some of the staff they use are blatantly not... A friend of mine is a money sense adviser. She's a smart girl, but she's only just 19. She has no life experience whatsoever, yet she's supposed to dole out this sort of advice!

Also, I really can't stand the adverts, the leaflets.. everything. So bloody patronising.