MSE News: Cash Isa providers 'failing' to give accurate advice

Alpine_Star

Paul_Herring wrote: »

And your source for this information?

They were the 4 questions - A guy from Which? went through them on BBC news this morning.

They were generic questions that apply to all ISA providers about rules and IMO don't constitute advice as such but information.

http://www.which.co.uk/news/2011/02/banks-cash-isa-advice-is-poor--says-which-money-245255/

Paul_Herring

AirlieBird wrote: »

Sorry, yes, I should have put my source in...

'Twas the Guardian

Ta. I note that their article doesn't directly answer them though (especially with all the caveats that people have mentioned above)

Alpine_Star wrote: »

http://www.which.co.uk/news/2011/02/banks-cash-isa-advice-is-poor--says-which-money-245255/

Thanks for reposting the link I put in my first post, but since it didn't actually state the questions back then, and still doesn't, it really doesn't answer my question does it?

dunstonh

When you look at the wording of the Which? press release, you can see how MSE fell for the same thing.

For example, Which? say "Most advisers (97%) gave conflicting and incorrect information about how much consumers could transfer". Yet the questions were aimed not at advisers but bank clerks and phone based ones at that. So, referring to them as advisers and asking them questions which included one that was likely outside the remit of the staff member in question or possibly now allowed under bank rules (even if generic product rules allow it) is not fair.

There are so many things that the banks do wrong that could be turned into headlines. I don't think this is one of them based purely on the inclusion of questions that you wouldnt expect a telephone bank clerk to answer.

Paul_Herring

dunstonh wrote: »

When you look at the wording of the Which? press release, you can see how MSE fell for the same thing.

I think someone at MSE just looked at headline of the PR and decided it'd make a good post.

On this particular item (as with a few others I've noticed, certainly recently) the whole MSE article is little more than a copy/paste of the press release with little to no actual analysis of the story.

Quite a few of the points raised in this thread should, IMHO, have been in MSE's copy to begin with.

I don't know whether it's laziness, lack of knowledge or just the need to post something/anything quickly, but the quality of some of MSE's news items I've seen leave a lot to be desired of late.

Alpine_Star

Paul_Herring wrote: »

Thanks for reposting the link I put in my first post, but since it didn't actually state the questions back then, and still doesn't, it really doesn't answer my question does it?

It wasn't meant to - I'd already answered that in my first sentence. My point was that regardless of how the original article was headlined, the questions actually sought information and not advice. And if I want to repost the link to highlight my point, I will as I see fit.

chardir

dunstonh wrote: »

There are so many things that the banks do wrong that could be turned into headlines. I don't think this is one of them based purely on the inclusion of questions that you wouldnt expect a telephone bank clerk to answer.

Many people would expect a bank clerk to give them accurate advice. The bank clerk should, at least, give accurate information, even if that information is "I don't know" or "I'm not authorised to advise you on that".

It is a failing of banks if their clerks are giving out incorrect information.

dunstonh

chardir wrote: »

Many people would expect a bank clerk to give them accurate advice. The bank clerk should, at least, give accurate information, even if that information is "I don't know" or "I'm not authorised to advise you on that".

It is a failing of banks if their clerks are giving out incorrect information.

The point is that not giving an answer or giving an answer Which? dont want to hear is a failure on the scoring. That doesnt mean it was inaccurate.

for example: "43% were unaware that you could move money from a cash Isa to a stocks and shares Isa". Non regulated staff are not taught regulated investment options. They are non-regulated staff so why should they be aware of regulated product options? The question that led to that outcome should never have been included. If the non-regulated staff member started going on about regulated investment options then they could end up falling foul of FSA rules and that could lead to a fine, suspensions of staff etc.

The questions asked by Which have been structured to give stats that show a failing when in reality the questions asked effectively pre-determined the outcome and allow Which to get headlines they are not really entitled to. Probably so they can attempt to sign more people up at nearly £10pm.