Treasury select committee MPs have criticised the quality of advice given by IFAs in the run-up to the Icelandic bank failures.

In a report into the failure of the Icelandic banks, the committee says: "Bearing in mind the heavy coverage in the financial press of Iceland’s fragility we would have expected offshore savers using independent financial advisers to have been advised of the changing risk profile of their savings.”

The TSC says it will be exploring further the role of advice to customers in its forthcoming inquiry into the banking crisis.   MoneyMarketing website -  04-Apr-09.

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