BBA response to FSA mystery shop of investment advice1
13/02/2013

A BBA spokesman said: “We welcome this review which shows that the majority of clients received good advice from their banks, but clearly more can be done. Any examples of advisers failing to gather enough information on their customers and not recommending the right products are unacceptable. This review will help all banks to focus on retraining staff and changing processes to improve standards for customers in the future.

“This exercise took place last year before the industry implemented new FSA rules which mean advisers are now better trained and are not paid commission for making sales. We would therefore expect the next FSA mystery shopping review to show real improvements.

“The BBA is committed to helping the industry raise standards for customers – we will work with the banks and the FSA to make sure this happens.”

Notes to Editors

The mystery shopping exercise was carried out in spring/summer 2012 and therefore it preceded the implementation of the FSA’s Retail Distribution Review on 31 December 2012, which made major changes to the way investment advice is provided.