Banks hand out 'shockingly poor' advice on tax-free ISAs to investors

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BANKS and building societies have been criticised for offering "shockingly
poor" information on financial products to savers.
Consumer watchdog Which? Money conducted an undercover "mystery shopper"
investigation on the quality of advice 13 of the main UK providers delivered
to customers transferring a tax-free ISA savings account.
The findings, released today reveal only three out of 104 calls resulted in
correct answers to four simple questions about the transfer rules on ISA
cash transfers.
The group warned inaccurate information meant customers could lose interest
on the tax-free savings accounts, which are held by a third of adults. The
investigation found 97 per cent of advisers gave conflicting and incorrect
information about how much money consumers could transfer from one ISA to
another, and 43 per cent were unaware money could be moved from a cash ISA
into a stocks and shares model.

Reply to
Robin T Cox
In message , Robin T Cox writes
[....]
I go into my local branch of N*t**nW*d* and have always been given correct information whether there or on their website.
The only criticism I have is that the "smart suits" are rather bored and disinterested if I just want to swap my 1yr fixed rate ISA into another when the bonus rate is about to be removed. ;-)
Same goes for my Easy Access ISA, and there was a similar attitude when I escorted a lady friend to the Halifax, where she went to do the same, on my advice.
There's no new business in it for them, and they don't expect old gits like us to be pro-active. The merry-go-round will be starting again next month or so, but I'm waiting for the long-overdue increase in Bank rate.
Reply to
Gordon H
In message , Gordon H writes
In fact, Nationwide came overall top in the Which survey, according to today's Telegraph,
Reply to
Gordon H

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