Consumer group Which? has done an investigation into Natwest’s “impartial financial guidance” service, MoneySense, and has found that in many cases the advice given is far from impartial.
When one Which? researcher asked a MoneySense adviser “How can I find the best rate available?”, the adviser replied: “Well our ISA Plus I know is the best rate at the moment.” The best rate ISA available at the time was actually from Barclays, Which? said.
It’s not the first time that MoneySense has been investigated, with poor results, but it would appear that little has changed in the 4 or 5 months since that investigation.
The tests found that in just 4 out of 20 visits no Natwest products were mentioned. In 6 visits advisers spoke only about Natwest products.
As I’ve said before, on the face of it this impartial guidance should be a fantastic idea, but the execution has to be done in such a careful way that it makes it almost impossible for a bank to do it without being accused of trying to screw its clients.
If you’ve had any experience with the MoneySense service, let us know in the comments below.
photo credit: eisenbahner
- WealthDunk: Compare Online Investment Managers (February 3, 2017)
- first direct Launches Face ID For iPhone X Mobile App (November 3, 2017)
- NatWest Invest: NatWest Launching Online Investment Service (February 9, 2017)
- NatWest “Mimo” – New Personal Finance App Trialled (March 31, 2019)
- eBay To Launch Price Match Guarantee On 20,000+ Items (July 5, 2017)