The Which? research, published this week, showed IFAs coming out top with 48 per cent passing all the consumer group’s strict criteria for giving good financial advice, well ahead of the 32 per cent of tied advisers.
Aifa director general Chris Cummings says: “The findings raise serious questions about the proposed reforms of the market by the FSA, which could see independent financial advice become the preserve of the wealthy.
“Under its proposals many consumers in the middle and lower income brackets could be left with a little option but to use tied advisers.”
Cummings says the Which? research shows there is still work to be done to raise standards across the industry, but the results show an improvement from last year.
He says: “The key message from this report is simple: to get the best advice, avoid the high street, shop around, and stick with advisers who are independent.”