It's called guessing.

How on earth did anyone manage in the olden days when that was not the case?

Same as they can / do now.

Since 2008, that may be the case, as proper deposit accounts have been reintroduced in the wake of the financial crisis.

Before then, that was not the case for something like three decades. As I have explained. And, indeed, as McLaren has also explained.

A situation existed where the ordinary saver was at the mercy of the salesperson, rather than someone in an organisation with an ethos of service behind them.

For SBR (and others), we were to blame, since we should have taken the time to learn more about the products available than the person selling them for a living.

Similarly, we should know more about TV technology than a salesperson when buying a new TV; we should learn more about power tools when buying one; more about cars than anyone selling us one – and so on and so forth.

We must become more expert than the experts – and how dare we imagine that an ethos of good service was ever a good thing and something that should be created again (if possible).

Have you ever tried asking for advice on a TV, etc in a chain shop these days? They staff know nothing. So, I would always buy a magazine, speak to people and research on the internet before committing. Likewise, you are able to do the same when "being sold" financial dross. Indeed, the key question to is usually what the inherent costs are - as these are the biggest drag on investment performance when it comes to ISAs, pension, etc. Most 'growth' in these products over time is illusory when you discount for inflation and the fact that income is usually reinvested along the way. These factors help hide the drag of costs on good times. In a poor investment environment, like we've had for quite some time now there's no hiding them.

Personally, I try to go to shops where I do know that the staff will have an ethos of service, and will have some actual knowledge. That usually means that these are places where staff are not treated dismally and paid abysmally.

John Lewis is a perfect illustration of this.

I do not have the time and expertise to research and become expert in every damned product or service that I wish to buy. I usually do do some research, but not to the level where I know more than people who are paid to be able to advise me and supply a service. And I should not have to expect to.

The main difference being that Comet don't stand a sales assistant in front of you and tell you that they are an expert in the subject, have achieved rigorous examination results, and undergo stringent regulation under a body set up to regulate their industry.

Banks and independant financial advisors do

They promote themselves as the complete and absolute arbitors and advisors of your financial affairs and go to great lengths during conversations to remind you how carefully they are controlled and regulated and to show you their qualifications, indeed none of them will commence a discussion with you until they have been through the whole FSA routine of explaingin just how important they are.

And then they take a guess.

And when they've taken a guess they go to great lengths to assure you that its ok and not a problem but that their advice can result in you losing money, just when you thought they were there to make you money they go and spoil it all.


My money is under the bed now, and I'm making more of it than any "financial advisor" ever did.

My goodness. It's epidemic! Some else needs SBR to explain that there is no such thing as "casino banking".

My goodness. It's epidemic! Some else needs SBR to explain that there is no such thing as "casino banking".

My view is: NEVER EVER buy anything from a bank and NEVER EVER leave it to them to deal with you Will. I can't believe anyone would buy a "product" from a high street bank.

As to IFA's - if you are not paying them a fee, they are dependent on commission so will often have to advise you of something that gives them an income. On insurance-based products they tend to get an amount equivalent the first few years premiums as their introducers fee plus a smal "tail" over the life of the product. I think the industry is moving away from, commission income from January isn't it? Which will mean that access to advice will be limited to those willing to pay a couple of hundred quid an hour.

Utter rubbish. As usual. This didn't used to be the case. The banks used to provide A SERVICE.

Unfortunately, people like you repeatedly voted for parties that believed that 'greed is good' and people as a whole should be shafted to make mega profits for the few.