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12 Jun 2013

Majority Of Banks Fail To Give Adequate Advice On ISAs

British consumers are not given the best advice as far as their individual savings accounts (ISAs) are concerned, new research from price comparison website Which? claims.

The report revealed that bank workers provide “shockingly poor” advice to people who are interested in ISA products offered by their banks. For the survey, Which? made telephone enquiries to 13 of the country´s biggest ISA providers and said that it received correct answers in just three of the 104 calls, despite the fact that the questions regarded very basic aspects of the service.

This means that 97% of bank advisers provided customers with wrong or conflicting information regarding the amount of money they could transfer between ISAs. Almost half of bank employees spoken to were not aware that people could make transfers from a cash ISA to a stocks and shares ISA investment.

Which? found that nine out of ten providers gave correct information about transferring ISAs, yet just over half were actually aware of the details regarding part transfers.

Results showed that the best advice was given by staff at Nationwide, Barclays and Yorkshire Building Society. At the other end of the scale were advisers at HSBC and Royal Bank of Scotland.

Authors of the survey explain that it is critical that consumers receive the correct information about their transfer options, because ISAs have a tax-free status; implementing incorrect procedures might cost investors their tax-free benefits.

Copyright © M2 Bespoke 2013

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