Want bad advice? Pop into your local bank branch.

We felt that this story was worth reproducing in full, it is from today’s Independent, via their award winning Personal Finance editor Charlie Weston. This clearly lays it out in our opinion: getting advice in your local bank branch is perhaps the worst option available, and that puts the value of an independent broker in the light we always aim for, one of being on the customer side, the recent Sunday Times article (three posts before this) demonstrated that in a cost comparison analysis that even the Regulator themselves couldn’t get the prices brokers are able to obtain for their customers! Tuesday December 08 2009

IF you want bad advice, then pop into your local bank branch.

That is the clear message from the latest set of case studies released by Financial Services Ombudsman Joe Meade.

Mr Meade has performed an enormous service for consumers by exposing yet again the shady practices of banks, in particular, when people seek advice.

His report is shot through with examples of consumers, particularly older ones, …

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NAMA pricing, and why we’ll over-pay

The ‘haircuts’ we are hearing about in the papers of late are not ‘bobs’,’mullets’ or ‘short back n’ sides’, it is all about the pricing of NAMA assets, and when the pricing does become public don’t be disappointed to hear that it isn’t as big as many have felt it must be, the taxpayer is going to (ultimately) over-pay for the assets that NAMA takes on, try not to feel ripped off, in fact, overpaying is perhaps the only way we can get NAMA to work and the alternative is worse. I don’t envisage a haircut of any more than 18-20% at most if we are to ensure that banks and Government are truly working towards one aim when it comes to NAMA.

It is vital to remember – any NAMA losses will be levied upon the banks with interest, so even if there are losses (and there has to be, because there is no way anybody could get things 100% right) the tax payer is -in the long term- sheltered. While …

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