Investors are “blissfully” unaware that they are being ripped off by unscrupulous financial advisers who continue to charge exorbitant commissions and fees of up to 37.5pc.

The findings, which come from a year-long survey that involved 11,000 face-to-face interviews, show that banks are among the worst offenders and that consumers are unaware that a hefty chunk of their savings is being eaten up in charges.

The Financial Blissful Ignorance Monitor, a new monthly index of savers' awareness, shows that one in two bank customers is unaware of what charges and commissions are being levied on their investment – many think there are no charges whatsoever. One in five consumers who go to an independent financial adviser (IFA) are also in the dark about how much they pay.

Key features documents for some Scottish Widows products, which are sold by Lloyds Banking Group, show that commission for a personal pension can amount to up to 37.5pc of the first 12 months' payments on a 25-year plan, while a lump sum in an investment bond will attract commission of 7pc.

Alan Steel of Alan Steel Asset Management, who commissioned the independent research carried out by the British Population Survey, said the findings supported the claim that banks, in particular, were failing their customers in their......Read more Here