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FinFacts IrelandThursday Newspaper Review - Irish Business News and International Stories FinFacts IrelandAIB yesterday bowed to intense public pressure to shave €130000 off what it planned to pay its new managing director Colm Doherty to bring his salary to and more »

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Beware free financial advice

05.02.65

FIONA REDDAN

So, you’ve been invited in to your bank for a financial check-up. And it’s free! Great – but how impartial can it really be?

WE DON’T WANT to be mean (that’s a lie) but we can’t help raising a deeply sceptical eyebrow at the notion that Ireland’s banks are ramping up their financial advice to customers.

If you’re with Bank of Ireland, for example, you may have recently received a letter inviting you to contact your local branch to talk to someone “who’s qualified to give you expert advice”, while Irish Life is now offering chats with qualified advisers over the phone.

But should you really be taking counsel from an institution that you, as a tax payer, has had to bail-out to the tune of billions of euro? And regardless of the banks’ current difficulties, taking advice from someone who is typically trying to meet their sales targets is never a good idea – even if the service is free.

Source: Irish Times

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Monday Newspaper Review - Irish Business News and International Stories ... FinFacts Ireland - Oct 03, 2011 But it has now emerged that AIB will instead be able to offer extras such as share options and a bonus that could boost the chief executive's pay to €1m. AIB chairman David Hodgkinson is expected to go back to Finance Minister Michael Noonan with the and more »

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Monday Newspaper Review - Irish Business News and International Stories ... FinFacts Ireland - Sep 26, 2011 Meanwhile, Minister for Finance Michael Noonan, who was at the IMF meetings at the weekend, confirmed that AIB had applied to negotiate a higher salary than the €500000 cap set on bankers' pay for its new chief executive. Mr Noonan also indicated and more »