The investigation uncovered woefully inadequate advice in the SRB market, according to Which? Money.
Of the 17 advisers across nine firms contacted by Which? Money researchers about SRB just two offered acceptable advice.
Seven advisers failed to discuss whether SRB was the right option for the customer, with six of these going on to give quotes.
One adviser gave a quote that would not have left the customer enough money to pay off their debts – the very reason they had given for considering SRB as an option – and at another company, the adviser didn’t even ask how much the customer’s debts were.
Commenting, Which? chief executive, Peter Vicary-Smith, said: “It’s simply unacceptable that people are receiving shoddy advice about such a huge financial decision.
“Not only are regulated firms not doing enough to ensure vulnerable consumers make the right choices, some are offering sale-and-rent-back that aren’t authorised to do so. The FSA must tighten the screw on these firms to make sure the rules are followed and consumers are protected.”