The results of an undercover study conducted by Which? and published today (16 November) established that just five out of the 37 professionals working for financiers up and down the country gave good tips to customers.
Indeed, most advisers were found to be offering misleading statements about the costs attached to such products, with 18 of the 37 indicating there was no price for their expertise, despite the fact all packages are subject to commission.
For instance, a researcher was advised by a professional at Yorkshire Bank to invest Â£50,000 in a bond but was not told this would involve a payment of more than Â£4,400 to the lender.
Recently, Bank of England official Robert Jenkins wrote an article in the Guardian urging the government to reform the country's banking sector immediately.
By Asim Shah