EBIS calls on FSA to fill banks info gap

  • Story by: Nana Prempeh
  • Magazine: FinancialAdviser
  • Published Thursday , October 09, 2008

Newly-launched group wants more information about banks and accounts

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EBIS, a not-for-profit organisation, has called on the FSA to do more to help members of the public protect their savings.

It is calling for both a consumer and IFA register which will help evaluate whether the banks used by them are linked and registered with the FSA as one institution.

EBIS argued that it is difficult for even the most sophisticated member of the public to protect savings more than £50,000 without conducting some in-depth research.

Michael Barr, EBIS member and founder of Michael Barr & Co, said: "There is an 'information gap' and we believe the FSA should make this information easily accessible for consumers given the current financial climate."

EBIS believes that investors are better off buying low cost funds, such as index trackers and non commission paying institutional funds, for long-term savings.

The group, which consists of eight independent financial planning companies based across the whole of the UK, launched last month.

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