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FSCP denies confusion on tied and IFA figures

The Financial Services Consumer Panel&#39s latest report has been slammed by industry experts for inconsistencies.

The FSCP 1999 Annual Survey of Consumers illustrates the market share split between tied and independent advisers.

On page 53, it says only 22 per cent of respondents sought advice from IFAs for pensions but on page 86 it says the figure is 54 per cent. It also says on page 53 that IFAs advised 24 per cent of respondents about term insurance but on page 86 it says 64 per cent of IFAs advised respondents.

The FSCP says the figures on page 86 illustrate the number of people who have bought products in the year between summer 1998 and summer 1999.

It says the figures on page 53 reveal the number of people who have bought a financial product, other than a savings product or shares, who have used an IFA or tied salesman.

The FSCP says the tables are “not confusing if read carefully”.

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