How are bank advisers paid & will bonds protect my savings?

Regarding your specific point, bank representatives are salaried employees who almost always receive bonuses when clients buy higher margin proprietary products. The conflicts of interest associated with this lack of independence are well known in the industry, which seems unconcerned by them. One of the most obvious limitations of working with a bank representative is that they are often limited in the products they can offer you. Specifically, it’s a lot like the old quote by businessman and Ford Motor Co. founder Henry Ford, who once said you can have any colour car you want as long as it is black. Similarly, a bank employee might say you can have any investment product you like, as long as it’s offered by the institution that has a logo on their business card.