No advice available from bank

colsten

pinkdalek wrote: »

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.

You should be reading up about CTFs and JISAs, then you would understand why CTFs are dead end products. And you would also learn the difference between cash and S&S JISA.

None of this constitutes financial advice.

InsideInsurance

Giving advice is a regulated activity, be it for insurance, banking or any other financial services. It requires those giving the advise to be appropriately trained and also evidence that they've asked appropriate questions, what the responses were and a justification for their recommendation.

The vast majority of financial services operates on a non-advised basis, they simply can present the facts but not offer an opinion on what would be best for the client to do. One of our Car Insurance sales guys got pulled over the coals for even saying "thats a nice car" when someone phoned up saying they were thinking of buying a ferrari and wanted to know the impact on their premiums (thankfully an argument with Audit finally got the mark removed as its a fact that a new ferrari is a nice car and doesnt constitute financial advice).

A bank manager is the manager of a mixed sales and operations team. Like most managers their skills should be in managing teams, ensuring KPIs are hit etc and doesnt mean they have to have more SME skills than the staff they manage. As you get higher up the food chain the less SME skills people are likely to have, a CEO of an insurance company wouldnt be able to underwrite a request to insurer a pianists hands, be able to handle a claim for a chemical leak into the water supply and develop a new quote and buy website for them to enter into the gadget insurance market yet they ultimately control the people that do all these things.

pinkdalek

colsten wrote: »

You should be reading up about CTFs and JISAs, then you would understand why CTFs are dead end products. And you would also learn the difference between cash and S&S JISA.

None of this constitutes financial advice.

I do not need to read up thank you.
If CTF were "dead end" products how come they are all not automatically moved to a JISA.
I do know the difference between cash & JISA S&S and what a child is allowed to invest in each.
If you say to someone a CTF is a "dead end" product, you are giving them your opinion, it is not a fact, you are giving them the impression they are in the wrong product, that can be contrived as giving advice.

colsten

CTFs are a dead end product for several simple reasons, including that you can’t apply for a new Child Trust Fund because the scheme has been closed for some time. That is a fact, not an opinion.

Based on what you have been saying in this thread about CTFs and JISAs, I do still hold the opinion that you don't fully understand them. It is also a fact that I am entitled to my opinion.

mgdavid

pinkdalek wrote: »

.....
If you say to someone a CTF is a "dead end" product, you are giving them your opinion, it is not a fact, you are giving them the impression they are in the wrong product, that can be contrived as giving advice.

contrived?
Freudian slip - as only your arguments are contrived?
Did you perhaps mean construed?

pinkdalek

colsten wrote: »

CTFs are a dead end product for several simple reasons, including that you can’t apply for a new Child Trust Fund because the scheme has been closed for some time. That is a fact, not an opinion.

Based on what you have been saying in this thread about CTFs and JISAs, I do still hold the opinion that you don't fully understand them. It is also a fact that I am entitled to my opinion.

Please tell me where it says on any official source that CTF are a dead end product to show it is a fact.
If something is no longer available it does not make it a dead end product.
You are entitled to an opinion, does not mean everyone has to agree or like it or it even has to be correct.

I do fully understand JISA and CTF thank you very much.

Again you miss the point, you say CTF are dead end products, it is your opinion, not a fact, you are advising people they should no longer be in them and JISA is a better option.

I've never said for once that CTF is a better option over a JISA, I was raising awareness that you cannot get advice from a bank, yet somehow it is ok for Mr Lewis to advise on products he is not allowed to sell.

colsten

pinkdalek wrote: »

you are advising people they should no longer be in them and JISA is a better option.

......

yet somehow it is ok for Mr Lewis to advise on products he is not allowed to sell.

I am bored with this discussion now as there is nothing new coming to the fore. Just one last comment from me on this thread: I am not advising anything. Nor does anyone else on this site, incl. the current Editor of the site, provide any financial advice. That's again a fact.

[Deleted User]

It's a fine line between "you SHOULD do this", and "you COULD do this".

The moment you asked for advice, you were onto a loser.

im-lost

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

would you really want advice off a 'bank manager' that on a little over 20k themselves?

I don't think that someone on a little more than minimum wage is in any kind of position to be giving financial advice

jimjames

pinkdalek wrote: »

I've never said for once that CTF is a better option over a JISA, I was raising awareness that you cannot get advice from a bank, yet somehow it is ok for Mr Lewis to advise on products he is not allowed to sell.

A product that is no longer available, hasn't been for some time and is replaced by an alternative is pretty clearly defined as a dead end product. I think even providers will agree that is a statement of fact.

Since you appear to be in denial about CTFs, can you provide an example of a CTF available that is better than a JISA?

If you're now saying that a CTF is not better than a JISA then I can't understand what you are disputing about people moving CTF to JISA?

rogertb wrote: »

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

They would be able to say:
These products are available for borrowing. They won't say, in your situation the best option for you to do is xyz.