As if to prove my point from my last post, I received further correspondence from a client that I took on this week in today’s snail mail (aptly named as it was well past 1.00pm before it was delivered). The 74 year old client in question had been advised to move all of her savings into an ISA and the Bank’s 5-year Bond. The “adviser’s” card states that he is a “Financial Protection Advisor” at Alliance & Leicester. Irrespective of the quality of A&L products I am staggered that they permit a protection adviser to arrange investments.
Is it any wonder that people are confused, the FSA spend huge amounts of energy focusing on IFAs yet the vast majority of trouble is created by “advisers” from banks?
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