Bank Managers

This division of people is very useful for the consumer. But it can have extraordinary results. For example, bank managers used to be a good source of advice.

But now they will normally be able to advise you only on their own bank's products. They must tell you that is the limit of their advice.

And, among their bank's own products, they must find the best to suit your circumstances. However, if you want to consider other products, they will not be able to advise you at all. Very often they will refer you to a separate but associated company which is acting as an independent financial advisor.

One exception to this rule is NatWest where the managers are acting as independent financial advisors.

In addition to this strict division between tied agents and independent advisors, there are strict rules about how an investment business is to be carried out.

They have to ensure that they take account of your circumstances and try to find you the best deal from the entire market to suit your purposes and individual needs.

They must give you enough information to enable you to come to an informed decision. They must also keep proper records and accounts and deal properly with client's money and must make provision to be able to compensate you if you make a valid claim against them.

For more information on - Complaining

or The Insurance Ombudsman


/investments/complaining.php... see: Complaining