Given the FSA has said it will continue to “intrusively” monitor advice and how firms act in response to the RDR, it is not too much of a leap to suggest the regulator will conduct further mystery shopping trips in the future.
This is a particularly safe assumption when you take into account that mystery shopping was cited as an example of a supervisory tool that will be used by the Financial Conduct Authority when it is formally launched in April.
The City watchdog also encouraged firms to review the findings within its mystery shopping report and “consider whether any issues identified apply to their own businesses”.
So what were the banks’ pitfalls and are you prepared for a mystery shopper to peruse your firm’s aisles? Find out here…
