Banks 'give poor investment advice'
Eighteen of the advisers claimed there was no cost for their advice, although banks and building societies make money through commission paid for the products they recommend, Which? said.
To give good advice, advisers needed to make it clear whose products they could recommend, explain fees and charges and the products and their risk and establish the researcher's attitude to risk, among other requirements.
Richard Lloyd, Which? executive director, said: "Now more than ever, consumers need advice they can trust on what to do with their money.
"It's shocking to see such low standards."
Which? said it was reporting its findings to the Financial Services Authority and urging the regulator to investigate.
It tested six independent financial advisers and found that four gave good advice to researchers.
© 2011 Press Association