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.