An undercover investigation by consumer watchdog Which? has discovered a number of bank and building society advisers are giving inappropriate investment advice.
Just five of the 37 bank and building society advisers investigated were found to offering good advice on investments and investment products.
Which? claims that the majority of the advisers investigated, however, demonstrated a "poor understanding of the risks of investing, and made misleading statements about the features and costs of available products".
Of the 37 advisers, 17 recommended "complicated and high-charging investment bonds", while neglecting to bring up the large exit fees, to the elderly and inexperienced investors.
The exit fees in question were sometimes as high as 12% if the money is withdrawn before five years, Which? reports.
Richard Lloyd, executive director of Which?, says: "We are reporting our findings to the Financial Services Authority and urging the regulator to investigate and punish the worst offenders.
"We want the FSA's Retail Distribution Review to force banks and building societies to be more upfront about the cost of their advice.
"We will also be talking to the banks and building societies about improving their standards," he adds.
Eighteen of the advisers claimed there were no costs associated with their advice, whereas they would receive commission from the products they were recommending.
Which? found one adviser for Yorkshire Bank who recommended a £50,000 bond investment whilst failing to disclose the £4,400 this generated in commission.
Nearly 50% of the advisers investigated did not mention issues such as the Financial Services Compensation Scheme. Others were incorrect on a number of basic points such as how much protection consumers receive.
"Our investigation shows that the high street isn't the best place to go for investment advice," says Richard Lloyd.
"If in doubt, consumers should always talk to an independent financial adviser."