Friday, 15 February 2013

Banks not giving adequate investment advice, says FSA

The Financial Services Authority has released a press statement about the quality of investment advice given by UK High Street banks.

It  has been reported that the FSA claims that Banks are not giving adequate investment advice. However if you actually read the details of the research it appears that the opposite is true.

75% of the mystery shoppers were given good advice and only 25% were given advice rated as not adequate but out of that only 11% received advice described as bad.

So 90% of customers were not receiving bad advice - surely that is a good situation and a relative success were 90% of customers advice was not bad can be reported as "Banks not giving good avice" which seems to be the opposite of the actual findings!

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