Which? response to the Financial Services Authority’s mystery shop of investment advice

Which? executive director Richard Lloyd said:

“The FSA’s findings mirror our own, with bank staff recommending inappropriate investment products, not properly assessing consumers’ needs and repeatedly failing to disclose information on consumer protection schemes. These practices are unacceptable and show once again the big change that’s needed to make banks work for customers, not bankers.

“The FSA should name the firms it found breaking the rules and ensure they properly compensate any customers that have been mis-sold. We also expect the FSA to take tough action against banks that don’t act on their findings.”

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