Banks and building societies are continuing to provide inappropriate investment advice to the very consumers who bailed them out last year, a Which? investigation concludes.
An undercover probe found just four of 37 branches visited gave appropriate advice about investing a lump sum. The remaining 33 recommended inappropriate products without explaining the risks. A total of 21 of the firms investigated gave "blatantly inaccurate" advice such as referring to capital guaranteed products as entailing "no risk". Six tied advisers who suggested an investment bond also failed to properly explain the risks of the product. Only one adviser suggested splitting savings between two institutions to avoid going over the £50,000 savers protection limit, while 14 a...
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