Not sure how many of you read about the prosecution of HSBC in UK…
Whenever I speak to big branded banks they tell me how –
– they have a fantastic risk profiling process
– due diligence done on all products, issuers, exchanges….blah, blah, blah
– how the client has to sign off on all documents and how the client is told about ALL the risks in the product
– how they have a fantastic sales audit process because of which bad sales cannot just happen
..blah blah blah
One basic fact is – if there is a conflict between what is good for the client and what is good for the bank (or advisor), what is good for the bank / advisor will prevail. If you have any doubt about this, read this statement again till you understand it.
I have rarely seen a proper sale to an uninformed customer….I hope my friends in these big branded foreign ….see the article. Please do not blame me…it was sent to me by another person who is doing a lot of work in the financial education space..
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