View more on these topics

Independence is still key, 1 year into depolarisation

A year intop depolarisation, 90 per cent of consumers say seeing an “independent” financial adviser is important to them, despite not really understanding what that means.

IFA Promotion says 84 per cent of UK adults admit they do not understand the different types of financial advice available to them.

The group says 72 per cent of people think they saw an IFA, but IFAP says this is “a dream scenario, but far from reality.”

The sample of 2166 UK adults was taken in a YouGov poll for IFAP in January this year.      

Of the sample, 95 per cent say it is important the adviser can recommend the most suitable products from the whole of the market, and 88 per cent say it is important that an adviser has no commercial ties to a product provider.
 
Chief executive David Elms says: “This would indeed be a dream scenario, but it is unfortunately far from reality.  Our research confirms that nearly twice as many people end up taking advice from a bank or building society as see an IFA, although most clearly prefer the concept of independent financial advice.  We’ve put well over half a million people in touch with an IFA this year, but would clearly welcome broader support to educate consumers about their options.”
 

Recommended

A case of wishful thinking

The Diary wanted to be the first to congratulate Taxationweb for winning the prestigious Best Tax Website at the LexisNexis Butterworths Taxation Awards after receiving an email explaining co-founder Martino Matijevic’s “great sense of achievement” after collecting the award at the Park Lane, Hilton. But just as the number was being dialled, another email came […]

The mighty Mifid

You may be pleased to know that the World Cup has not been delayed. Imagine if Fifa announced that due to countries disagreeing about the quality of the pitches, it had been decided that the World Cup would be pushed back to 2007. It would cause worldwide outrage.

Turkish delight

Turkey is set for bumper growth, with a new Banking Act in place and other legislation in the pipeline

Lockyer quits financial services

Former Berkeley Berry Birch chief executive Cliff Lockyer has ended his 34-year career in financial services after stepping down as chairman of Synaptic. He is replaced by Tory MP John Maples whose roles have included deputy party chairman and Shadow Foreign Secretary as well as having been chairman of Saatchi and Saatchi Government Communications for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment