Three-quarters of consumers believe searching the whole market for products is a key role of IFAs and less than a third believe payment options have a bearing on independence, according to Aifa research.
A YouGov survey found that only 17 per cent of consumers believe advisers should have an indefinite liability for advice, with 70 per cent suggesting the maximum period should be 15 years or until the end of the client/adviser relationship.
Ninety-one per cent of consumers thought they were ultimately responsible for their own financial affairs.
The results were released as part of Aifa’s fifth paper on the RDR focusing on consumer responsibility.
The paper says the industry must move away from jargon and terms such as caveat emptor and be more transparent in terms of marketing and communication materials.
It says offering “sub-optimal” primary advice is unlikely to rebuild trust in the industry and warns of the detrimental effect of having fewer advisers serving middle-income consumers.