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MPs don’t rate IFAs as “professionals”

MPs are less likely to perceive the financial services sector as professional compared to other occupations, according to research conducted by the Chartered Insurance Institute.

A survey of 121 MPs found that just 18 per cent rate financial services as ‘good’ or ‘very good’ in terms of professionalism.

However that figure was up 4 per cent on last years’ results.

The survey also showed that MPs support the introduction of “meaningful sanctions” for practitioner misconduct, with 90 per cent agreeing that it would increase the calibre of financial advisers.

Ninety-five per cent of MPs say they support the introduction of a single set of professional standards and a code of ethics and 92 per cent believe all financial advisers should be members of a professional body.

Only 66 per cent say the benchmark qualification for advisers should be raised to diploma level.

CII head of policy and public affairs David Thomson says the research shows that MPs have a similar view on reforms of the financial services sector as those within the industry.

But he adds: “The results paint a very sobering picture in respect to MPs perceptions of professionalism within financial services. We wanted to benchmark where advisers are in relation to other professionals and it’s interesting to see how they’re perceived by a different audience.”

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