The shadow shopping survey covered 259 individual advisors and was designed to assess whether the advice given to consumers after the introduction of Super Choice last year complied with the law.
It found that 16% of advice was not reasonable given the clientÆs needs, and a further 3% was probably not reasonable. Where consumers were advised to switch funds, a third of this advice lacked credible reasons and risked leaving the consumer worse off.
The survey found that unreasonable advice was three to six...
