‘Shockingly poor’ bank knowledge

An undercover investigation from consumer group Which? has found ‘shockingly poor’ levels of knowledge at banks and building societies in response to four simple questions about cash Individual Savings Accounts (ISAs).

Correct answers to all four questions were only received in three out of the 104 calls made to cash ISA providers.

HSBC received the lowest score, with an average score of 32% across all four questions. Royal Bank of Scotland was close behind at 35%. The Co-operative Bank and First Direct both scored an average of 38%.

The mystery shoppers used by Which? were greeted with a “host of muddled, confused and incorrect answers”.

97% of bank advisers gave conflicting and incorrect information when asked how much customers could transfer to and from their cash ISA. 43% did not know that you could transfer money from a cash ISA to a stocks and shares ISA.

This research highlights the general lack of knowledge amongst banks for even a simple financial product like a cash ISA.

If the banks are unable to understand these simple products, what chance do they stand of providing technically accurate and suitable advice when it comes to more complex financial products, such as pensions and investments?

Investors should always seek advice from a suitably qualified and experienced independent financial adviser before making important financial decisions.

Once again, this proves that your bank is the worst place to go for any form of financial advice.

Photo credit: Flickr/angies