Press & PR

New proposals from the Financial Services Authority intended to increase the fairness of advice available to consumers has been criticised by one personal finance industry body today.

The FSA has stated that it is considering obliging banks to cease offering tied advice - whereby the lender offers advice about the range of products it provides.

However, the British Bankers' Association (BBA) has suggested that if such proposals were to go ahead, consumers would by forced either to seek out advice for a fee or take on products without advice.

Angela Knight, chief executive of the BBA, remarks: "Many customers have a good idea of what they need and want to get advice and buy their financial products from a brand they know and trust. The FSA proposals could remove this option, leaving individuals with the choice of either more expensive options or buying without advice."

However, the FSA's interim six-month review today says that responses to their discussion paper on the subject clearly indicate that consumers require a clear delineation between advice and sales.

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