HIGH Street banks need greater investment in staff training to ensure they pass on correct advice to customers on standard banking products, a Bolton firm has said.

Credit Claims made the call following a Which? consumer magazine survey showing banks are failing to give the right information to customers transferring and managing cash ISAs.

The survey had three questions and showed that banks answered all three correctly in only nine per cent of calls.

In one, an adviser told a caller there was no limit on the amount that could be transferred from one ISA to another when the right answer is £5,640 for the 2013/14 tax year.

In another, the adviser suggested the customer should “just withdraw your funds, close the account down and transfer it over to somebody”. This would actually have meant the customer losing the tax-free allowance altogether.

Steve Wise from Credit Claims in Manchester Road, said: “This survey is really bad news for customers. In the current climate, savers need to know how best to utilise their allowances to get the best possible return on their money. If they can’t get such basic advice from their banks then we really are in troubled times. It’s time the banks stepped up their investment in training for staff in what are standard banking products.”

On transferring cash ISA’s, Which? advised customers to check if the new provider allowed transfers or if the current provider charged a fee for this. Customers should also get a Cash ISA Transfer Authority from the new provider and complete it to ensure retention of tax benefits.

Mr Wise added: “It’s not surprising that more and more customers have taken the decision to invest in stocks and shares ISAs with so much confusion and misleading advice.

“The problem with stocks and shares ISAs has been the level of risk, often meaning customers losing thousands of pounds they were simply not prepared for. It has meant we have had to deal with a whole new range of complaints about mis-sold ISA’s and mis-sold investment bonds.”

Credit Claims was established in September, 2008 by a team of former bankers. Its work was recognised at the Bolton and Bury Business Awards in 2011 and again in 2012 in the category of customer excellence.

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