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European IFAs take fight to banks

An association of Europe-based independent financial advisers has produced a YouTube clip warning consumers about the quality of advice offered by banks.

The European Federation of Financial Advisers and Financial Intermediaries (FECIF) has produced an advertising video hosted on its website and YouTube, which makes the case for non-bank financial services.

The video, entitled ‘Better without rose-tinted glasses’, shows an anonymous banker telling bank customers he has the “right product” for them and asking them to “sign here”, while a young girl asks the banker why every customer is being presented with the same product.

It also contains a disclaimer which suggests the video is “satirical” and that its aim is to “encourage people to assess offers critically and make use of individual advice”.

“We do not want to allege that companies aim at advising their customers without taking their individual desires into account,” the disclaimer said.