No advice available from bank

bullinn1

Hi chaps ... am going through a sticky patch at the moment, savings all gone and my OAP doesn't start for another month or two so money is tight, thought I'd have a chat with the bank and see what options are available o/d, loan or whatever. I made an appointment and asked if the manager that I'm meeting would be able to advise me ... "no the manager cannot give advice" I was told on the 'phone ... what is that all about ... fear of litigation ?

Roger

Archi_Bald

"advice" in the financial services industry is a regulated activity, associated with investments, and it is correct that banks don't give advice.

You want to discuss a temporary shortage of money and whether the bank can give you a loan or an overdraft. If you ask them for that, I am sure they'll be delighted to talk to you, albeit they might ask you to speak to an advisor rather than the branch manager.

bullinn1

Thanks for that ... I'll know a little better how to approach the chat, good of you.

So an advisor can advise but a manger can't !

Best Roger

macman

They're different jobs: a bank manager is not automatically qualified to offer advise that a financial adviser is.

pinkdalek

rogertb wrote: »

Thanks for that ... I'll know a little better how to approach the chat, good of you.

So an advisor can advise but a manger can't !

Best Roger

You will find that you will be given the information and options, but ultimately it is your decision.
The bank colleague will advise you on what you could do but they will not advise you on what product you should take.

Financial advice these days is a paid service.

Strange though how Martin Lewis seems able to give advice on where to put your money.......

colsten

pinkdalek wrote: »

Strange though how Martin Lewis seems able to give advice on where to put your money.......

He does not. This is on the bottom of every MSE page you look at:

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

pinkdalek

colsten wrote: »

He does not. This is on the bottom of every MSE page you look at:

Well he is skating on very very thin ice telling people to come out of Child Trust Funds and move them to JISA

colsten

pinkdalek wrote: »

Well he is skating on very very thin ice telling people to come out of Child Trust Funds and move them to JISA

I don't think he ever tells people to do anything as anything and everything anyone does with the information they gleen from MSE is their own decision.

Telling people that CTFs are essentially a dead end product and the way to go is JISAs is just providing good information. It does not constitute financial advice.

pinkdalek

colsten wrote: »

I don't think he ever tells people to do anything as anything and everything anyone does with the information they gleen from MSE is their own decision.

Telling people that CTFs are essentially a dead end product and the way to go is JISAs is just providing good information. It does not constitute financial advice.

Again you are saying that CTF are a dead end product, you are showing preference to one over the other, this can be constricted as advice.
There may be some CTF out there which give future bonus payments, a JISA is either interest rate or index linked. But we never hear this, just the jump on the bandwagon about how you can now move CTF to a JISA.

xylophone

So an advisor can advise but a manger can't !

Which doesn't come as much of a surprise?:)

xylophone

But we never hear this, just the jump on the bandwagon about how you can now move CTF to a JISA.

http://www.telegraph.co.uk/finance/personalfinance/savings/11424472/Should-you-make-the-switch-from-a-CTF-to-a-junior-Isa.html