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PPI Claim News - 25/3/2010

Bank charges: Banks 'letting down consumers with bad advice'

Banks and lenders are consistently failing to offer their customers adequate advice, a new report has warned.

According to a new report by Which?, 33 out of 37 banks were found to give bad investment advice, with taxpayer-backed Lloyds TSB and Halifax no better than others.

The consumer watchdog's study indicated that 14 advisors failed to mention the Financial Services Compensation Scheme to prospective investors, while six did not properly explain how investment bonds work.

Peter Vicary-Smith, chief executive of Which?, said: "It's disappointing to see yet more evidence that the way many banks treat their customers hasn't improved since our taxes were used to bail them out."

He added that banks must "buck up their ideas" to ensure that their sales teams do not leave consumers exploited and being recommended "inappropriate" products.

Meanwhile, Moneyfacts has reported that consumers looking to borrow funds rather than invest now face the highest credit card charges since 1998.

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-19689415-ADNFCR

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