Free financial advice for all - Natwests 'impartial' moneysense programme

[Amethyst]

Re: Free financial advice for all

Anyway to be fair..... Barclaycard Horizons - Your Work

Horizons - Barclaycard sponsored assistance for one parent families to get back into work.

[natweststaffmember]

Re: Free financial advice for all

really not bothered whether you buy it or not. That is the case as to what RBS Group have done. The role is NOT targetted. FACT.
By all means road test it or mystery shop it. Then report back on here. As I said it is not targetted. Not sure what the CCA has to do with it at all. Its about advice re budgetting etc,.etc. not sure if you misread my sarkyness earlier.

[Sapphire]

Re: Free financial advice for all

Natts if you have a 'staff suggestion box' at work, do me a favour please and post a note with the following on it for me.

'Instead of wasting money with stupid bloody tv adverts, and jaunts around the world in the name of research or whatever you want to call it.
Try giving back the public the money that you unlawfully ripped off and you will be doing a big service to those who have been put in debt, because of your unlawfully taken money'.

[natweststaffmember]

Re: Free financial advice for all

Natts if you have a 'staff suggestion box' at work, do me a favour please and post a note with the following on it for me.
There is no suggestion box at work so cannot help you.
'Instead of wasting money with stupid bloody tv adverts How do you inform people about something the bank offers if you do not use the media?, and jaunts around the world in the name of research or whatever you want to call it. Explain "jaunts around the world" with some actual evidence. I hate rhetoric and this is not about a Member of Parliament.
Try giving back the public the money that you unlawfully ripped off and you will be doing a big service to those who have been put in debt, because of your unlawfully taken money Pull your head out from where it is at the moment and consider your words. I am not some young buck who uses rhetorical nonsense without connecting my brain first. The OFT test case will define whether it is unlawful or not. I do not hedge my bets either way yet.'.

I am happy to continue on this thread in this vein if you really really want me to.

[Curlyben]

Re: Free financial advice for all

Hang on guys.
Yes I know we are all seriously cynical about this and it does seem like yet another sales ploy from the banks, but did they make any mention of offering loans, etc to pay debts.

The fact they have opened it to ALL surely is a step forward.

Admittedly I'm unlikely to take advantage of this offer as I might scare the "advisor".
I continually refuse account reviews in my own bank as I really don't want to be sold further financial products I have no need for.

[Amethyst]

Re: Free financial advice for all

No it is a good step, and welcome all the intitiatives the banks are bringing in to assist people with managing finances...can only go to help reduce the bad debt out there in the long run so a good investment.

I don't like the way that its is being advertised as though the banks are suddenly all socially responsible - they are businesses and they are there to make money.

[Amethyst]

Re: Free financial advice for all

really not bothered whether you buy it or not. That is the case as to what RBS Group have done. The role is NOT targetted. FACT.
By all means road test it or mystery shop it. Then report back on here. As I said it is not targetted. Not sure what the CCA has to do with it at all. Its about advice re budgetting etc,.etc. not sure if you misread my sarkyness earlier.

lol no, I just meant these 'trained impartial money advisors' have done the same amount of training across the whole spectrum I have done on one individual subject and I'm still a complete novice.

Compare the 'money advisors' 8 hours training with that undertaken by CAB advisors or CCCS advisors. I just don't think it should be bigged up to be something it isnt.

See what I meant in post #2 now?

[Sapphire]

Re: Free financial advice for all

I am retiring out of this discussion forthwith. But before I go ............................

Instead of wasting money with stupid bloody tv adverts How do you inform people about something the bank offers if you do not use
the media?, You don't, you give the money back thats been unlawfully taken and help people out that way, and IF you do need to inform people of your plan, then add yet another leaflet in the envelope that carry the monthly statement, instead of paying a fortune to tv companies.

and jaunts around the world in the name of research or whatever you want to call it. Explain "jaunts around the world" with some actual evidence. I hate rhetoric and this is not about a Member of Parliament. I was actually pointing out the amount of money spent on research made for one of the recent adverts, that showed a meeting in Spain discussing where to have another offshore call centre.
Try giving back the public the money that you unlawfully ripped off and you will be doing a big service to those who have been put in debt, because of your unlawfully taken money Pull your head out from where it is at the moment and consider your words. I am not some young buck who uses rhetorical nonsense without connecting my brain first. The OFT test case will define whether it is unlawful or not. I do not hedge my bets either way yet.'. Actually Nattie you know me well enough to know that I havn't got my head anywhere except for on top of my head and I agree you are NOT a young buck. I agree about the test case though.

ttfn xxx

[righty]

Re: Free financial advice for all

My blood boils when I read this sort of stuff

What advice
How to stop having your home repod.
How to put food on the table when you only have social benefits to live on

The advice given is worthless in fact it's less than worthless it's a complete waste of time

Things like change card provider to a zero rate to save money change your mortgage to a cheaper one & so on.............. Pleeeees

Apart from the fact that most people ratings have been trashed so can't go anywhere what they really need is to be bailed out. We should be using the tax in a way that it trickles up cos it certainly ain't trickling down

[Amethyst]

Re: Free financial advice for all

Legal Beagles (VIP only)

ref
Why you should not count on 'impartial' advice from NatWest

Why you should not count on 'impartial' advice from NatWest

Our investigation finds that the bank is using its MoneySense service to push its own loans





James Charles

div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } As the financial crisis deepens and the recession bites, many households are in desperate need of help with their finances. But good advice, free from bias and unsullied by the drive to make a sale, is hard to find. Which is why, when NatWest, and its parent bank, Royal Bank of Scotland, launched its MoneySense advice service with a high-profile TV advertising campaign late last year, it appeared to be sparking a revolution.
Free and impartial personal finance advice, “not linked to endorsing or selling products”, was promised at more than 1,000 branches to everyone, including customers of other banks. However, an investigation by Times Money has discovered that the bank's claim that the advice is completely impartial and not linked to selling NatWest products does not stack up.
In a number of branches visited by Times Money reporters, the MoneySense advice reverted to little more than a sales pitch for NatWest products. Trained MoneySense advisers used the sessions to promote NatWest savings accounts, loans and mortgages, blurring the distinction between what was impartial advice and a hard sell of its latest deals. In other cases, the customer was quickly passed on to tied advisers not bound by the MoneySense promise of impartiality.
There also appeared to be worrying gaps in the advisers' knowledge of some of today's key personal finance issues, raising questions about the usefulness of the advice on offer. The Consumer Credit Counselling Service (CCCS), which was involved in training the MoneySense advisers, said that it was concerned by Times Money's evidence.
Related Links

• How to keep your debt under control

• Unemployment benefits explained

Frances Walker, of the CCCS, says: “If an advice session focuses on NatWest products, then I do not think that it could be described as impartial. NatWest may need to re-educate some staff members, who were previously involved in selling products, to emphasise that they should not push NatWest products in these sessions.”
The investigation involved six members of the Times Money team meeting advisers in branches across London. We posed as either a heavily indebted self-employed graphic designer or a wealthier first-time buyer with a sizeable deposit. In two out of three cases, when posing as a first-time buyer, we were pushed in the direction of a NatWest mortgage.
On Saturday at a NatWest branch in Stockwell, South London, a MoneySense adviser told us that NatWest mortgages were among the most competitive on the market. He did not attempt to give a mortgage quote during the guidance session, but he was keen to set up our reporter with a tied NatWest mortgage adviser.
In another advice session in Islington, North London, on Tuesday, our “first-time buyer” was told that MoneySense was available only to the poorest customers, which is not apparent in its literature. Our reporter was transferred to a sales representative and the discussion quickly turned to the mortgage and loan deals available at the bank.
There was no attempt to promote NatWest products to the reporters posing as freelance designers with £15,000 of debt, but financial experts say that some of the advice given does not stand up to scrutiny.
An adviser at a branch in Hammersmith, West London, suggested that we could take out payment protection insurance (PPI) on our credit cards. However, most PPI policies do not pay out to people who work on a freelance basis.
When one of our reporters asked whether or not he should be saving money, the adviser suggested putting money away for a year and then paying off credit card debts in a lump sum. In two branches advisers also suggested consolidating the debt into a single loan.
Ms Walker says: “We would always advise paying off debt before you start saving, particularly credit card debt. In nine out of ten cases, it is also not a good idea to consolidate loans.”
NatWest's Sense magazine, available in branches as part of the bank's campaign, blurs the line between advice and sales further. Inside the 100-page publication is useful information on budgeting and money-saving ideas alongside advertisements for NatWest mortgages, packaged current accounts and credit cards.
Lisa Colclough, of Citizens Advice, says: “There needs to be a clear dividing line between advice that claims to be impartial and product sales.”
Meanwhile, independent financial advisers have been dismayed by NatWest's use of the word impartial. Robert Sinclair, head of the Association of Independent Financial Advisers, says: “There has been a significant number of complaints from our members about this issue. The Financial Services Authority [FSA] has acknowledged our complaints and told us that it is talking to NatWest.”
The FSA refused to comment on MoneySense, but the Advertising Standards Authority (ASA) told Times Money that it has received a number of complaints about the campaign, which it is in the process of assessing. If it concludes that NatWest has broken ASA rules, it said that it will launch an investigation next week.
A NatWest spokesman said: “After a comprehensive investigation, we are satisfied that our MoneySense advisers did not offer any sales advice. In all but one case, they either flatly refused to offer sales advice or made an appointment for your reporter with a more appropriate member of staff. In one case, where regrettably product advice was given, we have already addressed this as a training issue.”
So where can you find impartial financial advice? Citizens Advice, which has branches across the UK, can provide help with many financial queries. To find your nearest branch, visit Citizens Advice - the charity for your community. Alternatively, free debt advice is available from the CCCS on 0800 1381111 or National Debtline on 0808 8084000.
If you are looking for an affordable mortgage, most brokers will search the whole market. Some charge a fee of 1 per cent or more, but many do not charge. However, some banks and building societies only offer deals to customers that approach them directly, so it is worth exploring other options. Some comparison websites, such as Moneysupermarket.com and Moneyfacts.co.uk, also allow borrowers to check out the whole market before choosing specific deals.
For more detailed advice, consult a qualified independent financial adviser (IFA). You can find an IFA in your area by visiting Unbiased.co.uk, which allows you to search by postcode, by subject type or by IFA qualifications.
IFAs can accept commission on products sold to you, but many now offer the option of paying a fee fixed in advance, which means that the adviser is less likely to be swayed by products that pay the highest commission. Any commission received by advisers goes towards the agreed fee. You top up any shortfall, or receive any extra commission over and above the set fee. IFAs can also charge an upfront one-off payment, an hourly rate or a fee based on a consultation period.
Sue Whitbread, of the Institute for Financial Planners, suggests speaking to as many advisers as possible. “Don't settle for the first one you find online or in the phone book. Find someone you are comfortable with,” she says.

[Amethyst]

Legal Beagles (VIP only)

ref
Why you should not count on 'impartial' advice from NatWest

Why you should not count on 'impartial' advice from NatWest

Our investigation finds that the bank is using its MoneySense service to push its own loans





James Charles

div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } As the financial crisis deepens and the recession bites, many households are in desperate need of help with their finances. But good advice, free from bias and unsullied by the drive to make a sale, is hard to find. Which is why, when NatWest, and its parent bank, Royal Bank of Scotland, launched its MoneySense advice service with a high-profile TV advertising campaign late last year, it appeared to be sparking a revolution.
Free and impartial personal finance advice, “not linked to endorsing or selling products”, was promised at more than 1,000 branches to everyone, including customers of other banks. However, an investigation by Times Money has discovered that the bank's claim that the advice is completely impartial and not linked to selling NatWest products does not stack up.
In a number of branches visited by Times Money reporters, the MoneySense advice reverted to little more than a sales pitch for NatWest products. Trained MoneySense advisers used the sessions to promote NatWest savings accounts, loans and mortgages, blurring the distinction between what was impartial advice and a hard sell of its latest deals. In other cases, the customer was quickly passed on to tied advisers not bound by the MoneySense promise of impartiality.
There also appeared to be worrying gaps in the advisers' knowledge of some of today's key personal finance issues, raising questions about the usefulness of the advice on offer. The Consumer Credit Counselling Service (CCCS), which was involved in training the MoneySense advisers, said that it was concerned by Times Money's evidence.
Related Links

• How to keep your debt under control

• Unemployment benefits explained

Frances Walker, of the CCCS, says: “If an advice session focuses on NatWest products, then I do not think that it could be described as impartial. NatWest may need to re-educate some staff members, who were previously involved in selling products, to emphasise that they should not push NatWest products in these sessions.”
The investigation involved six members of the Times Money team meeting advisers in branches across London. We posed as either a heavily indebted self-employed graphic designer or a wealthier first-time buyer with a sizeable deposit. In two out of three cases, when posing as a first-time buyer, we were pushed in the direction of a NatWest mortgage.
On Saturday at a NatWest branch in Stockwell, South London, a MoneySense adviser told us that NatWest mortgages were among the most competitive on the market. He did not attempt to give a mortgage quote during the guidance session, but he was keen to set up our reporter with a tied NatWest mortgage adviser.
In another advice session in Islington, North London, on Tuesday, our “first-time buyer” was told that MoneySense was available only to the poorest customers, which is not apparent in its literature. Our reporter was transferred to a sales representative and the discussion quickly turned to the mortgage and loan deals available at the bank.
There was no attempt to promote NatWest products to the reporters posing as freelance designers with £15,000 of debt, but financial experts say that some of the advice given does not stand up to scrutiny.
An adviser at a branch in Hammersmith, West London, suggested that we could take out payment protection insurance (PPI) on our credit cards. However, most PPI policies do not pay out to people who work on a freelance basis.
When one of our reporters asked whether or not he should be saving money, the adviser suggested putting money away for a year and then paying off credit card debts in a lump sum. In two branches advisers also suggested consolidating the debt into a single loan.
Ms Walker says: “We would always advise paying off debt before you start saving, particularly credit card debt. In nine out of ten cases, it is also not a good idea to consolidate loans.”
NatWest's Sense magazine, available in branches as part of the bank's campaign, blurs the line between advice and sales further. Inside the 100-page publication is useful information on budgeting and money-saving ideas alongside advertisements for NatWest mortgages, packaged current accounts and credit cards.
Lisa Colclough, of Citizens Advice, says: “There needs to be a clear dividing line between advice that claims to be impartial and product sales.”
Meanwhile, independent financial advisers have been dismayed by NatWest's use of the word impartial. Robert Sinclair, head of the Association of Independent Financial Advisers, says: “There has been a significant number of complaints from our members about this issue. The Financial Services Authority [FSA] has acknowledged our complaints and told us that it is talking to NatWest.”
The FSA refused to comment on MoneySense, but the Advertising Standards Authority (ASA) told Times Money that it has received a number of complaints about the campaign, which it is in the process of assessing. If it concludes that NatWest has broken ASA rules, it said that it will launch an investigation next week.
A NatWest spokesman said: “After a comprehensive investigation, we are satisfied that our MoneySense advisers did not offer any sales advice. In all but one case, they either flatly refused to offer sales advice or made an appointment for your reporter with a more appropriate member of staff. In one case, where regrettably product advice was given, we have already addressed this as a training issue.”
So where can you find impartial financial advice? Citizens Advice, which has branches across the UK, can provide help with many financial queries. To find your nearest branch, visit Citizens Advice - the charity for your community. Alternatively, free debt advice is available from the CCCS on 0800 1381111 or National Debtline on 0808 8084000.
If you are looking for an affordable mortgage, most brokers will search the whole market. Some charge a fee of 1 per cent or more, but many do not charge. However, some banks and building societies only offer deals to customers that approach them directly, so it is worth exploring other options. Some comparison websites, such as Moneysupermarket.com and Moneyfacts.co.uk, also allow borrowers to check out the whole market before choosing specific deals.
For more detailed advice, consult a qualified independent financial adviser (IFA). You can find an IFA in your area by visiting Unbiased.co.uk, which allows you to search by postcode, by subject type or by IFA qualifications.
IFAs can accept commission on products sold to you, but many now offer the option of paying a fee fixed in advance, which means that the adviser is less likely to be swayed by products that pay the highest commission. Any commission received by advisers goes towards the agreed fee. You top up any shortfall, or receive any extra commission over and above the set fee. IFAs can also charge an upfront one-off payment, an hourly rate or a fee based on a consultation period.
Sue Whitbread, of the Institute for Financial Planners, suggests speaking to as many advisers as possible. “Don't settle for the first one you find online or in the phone book. Find someone you are comfortable with,” she says.

[righty]

Re: Free financial advice for all - Natwests 'impartial' moneysense programme

Now there's a surprise..........not

[righty]

Re: Free financial advice for all - Natwests 'impartial' moneysense programme

Oh dear hasn't all this helpful advice just been discovered by the media to be a load of crap

Apparently it IS about flogging their services..........now there's a surprise

[Amethyst]

Re: Free financial advice for all - Natwests 'impartial' moneysense programme

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February 16, 2009

Has your bank given you the hard-sell?


Has your bank asked you to make an appointment at a branch to “review your account” – only to try to sell you products?
One Times Money reader was told she had to come into Natwest to review her account “under FSA regulations.” At her appointment, the Natwest adviser merely tried to sell their investment and insurance products.
Has your bank tried to sell you products such as home insurance, fee-paying current accounts or a credit card?
Have you been marched into a branch only to be given the hard sell?
Post your comments below or send a brief email with your story and a daytime phone number to moneyletters@thetimes.co.uk.

Many thanks

Lauren Thompson



Posted by Times Online

[Mochamoo]

Re: Free financial advice for all - Natwests 'impartial' moneysense programme

I got cornered by one of them the other day. I turned the tables on her and we ended up talking about her brothers debts, reclaiming bank charges and LB. She said she was going to joining LB over the weekend lol
She never actually reviewed my account so dont think she was a very good sales woman.