Our blog back in March was entitled “Don’t Trust the Banks to Give You Good Advice.” A view vindicated by this week’s news that HSBC are about to review the advice given to a staggering 203,000 customers amid fears of yet another mis-selling scandal.
A review published by The Financial Services Authority found that advisers at High Street Banks were foisting unsuitable or risky investments on clients in one in four cases.
The half yearly report from The Financial Ombudsman Scheme once again showed Lloyds Bank to have the most complaints – five times higher than a year before.
The banking industry has so far set aside more than £18bn to cover the cost of PPI complaints – more than double the cost of the Olympic games. What a staggering figure!
Yet more evidence of why there is such a lack of trust in the financial services sector and why more and more people are trusting their own judgement and are using the on-line “no advice” services. Not sure if you are quite ready to go it alone? “The Online Financial Support Programme” from The Investment and Retirement Coach may be just what you need. Education, support, guidance and help so that you can feel confident that you are making good financial decisions. It’s your money. You will look after it better than anyone else.
Email me and ask for full details of how “The Online Financial Support Programme” can help you.
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122