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Last Updated: Friday, 28 May, 2004, 15:11 GMT 16:11 UK
Report condemns advice industry
Bestinvest hopes its guide will help the public to spot mis-selling

BBC Radio 4's Money Box was broadcast on Saturday, 29 May, 2004, at 1204 BST.

The programme was repeated on Sunday, 30 May 2004, at 2102 BST.

Public confidence in financial advice has hit rock bottom, and the industry only has itself to blame, according to a report by a leading IFA.

Bestinvest says poor treatment of clients and mis-selling claims are now common; and the regulator's proposals to improve the industry do not go far enough.

Among its suggestions, it calls for a ban on initial commission in favour of ongoing commission or fees linked to the value of the product.

It believes this would solve "most instances of mis-selling overnight."

We spoke to John Spiers, Managing Director of Bestinvest and Paul Smee from the Association of Independent Financial Advisors about the reports findings.

Further information:

Dormant account discussions continue

Negotiations have been continuing between the government and the savings industry over plans to put money held in dormant accounts to charitable use.

Jennifer Clarke reported on the latest developments and spoke to Adrian Coles of the Building Societies Association and Martyn Jones MP, who has been campaigning on this issue for some time.

Further information:

Stakes raised in battle for savings

Alliance & Leicester has launched a new online savings account paying 4.85% interest, in a bid to attract new customers.

To discuss the competition in the savings market we spoke to Nathan Barber-Kebby, Savings Manager at Alliance and Leicester.

We also spoke to Gina Fusco, Marketing Director of ING Direct which launched its market-leading savings account a year ago.

Further information:

"Chuggers" could face clampdown

The controversial practice of approaching people on the street to give to charity could face a clampdown, under the new Charities Bill.

Among the changes, street fundraisers will need to be licensed and local authorities may choose to restrict the number of teams operating in certain areas.

We spoke to Home Office Minister Fiona MacTaggart about the proposals.

Further information:

Split-cap talks end

The City watchdog has said that talks with the 21 firms involved in the split-capital investment trust scandal are now at an end.

Full story:

Producer: Louise Greenwood
Presenter: Paul Lewis
Reporter: Jennifer Clarke
Web Producer: Nathalie Knowles

Money Box



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