NatWest's MoneySense sessions 'breaking promises'

08/05/2009

NatWest's new MoneySense service has been slammed by a consumer group for not providing impartial financial advice, as advertised.

Which? said that it had gone undercover at the bank, finding that only four in the 20 sessions delivered what was promised.

Elsewhere, in six cases only NatWest products were discussed by the MoneySense advisers - including two sessions where not even the possibility of shopping around for potentially better services from other banks was mentioned.

There was also some attempt either at or after the meeting to sell NatWest products in the remaining ten cases.

Which? personal finance campaigns manager, Doug Taylor, said: "This would be an invaluable service if NatWest was always actually delivering on its promise of free, impartial financial guidance. However, it is being let down by the poor standard of at least some of the service being delivered."

He added: "If schemes like this are really to benefit consumers, more must be done to ensure that advisers are properly trained to provide truly impartial financial guidance - at a time when it is needed most."

Previous Which? research suggested that seven in ten Britons have never spoken to a financial adviser.

Tags; Debt Management and Banking, Young Family Finances, Retirement Money Problems, Recent Graduate Debt,

• Share
• 
• 
• Store
• 
• Follow
•