BBA response to FSA mystery shop of investment advice
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.”