The Personal Finance Society is to revamp its Find an Adviser website for consumers.
Public affairs director John Ellis says the facility does not recognise the expertise of advisers and only lists the sectors they cover, regardless of any proficiency in any one area.
This is a particular concern in the equity-release market where the FSA has urged advisers who dabble in the sector to leave the market or pass on leads. The PFS is working on a list of equity-release experts as part of its review.
Ellis says: “We have got a facility at present but unfortunately it is not all that good. We have got a review of the whole Find an Adviser facility and we want to improve it so the public can choose an expert in the field they want. It will be updated in six months or less.”
IFA Promotion managing director Karen Barrett says: “People can already find equity-release experts with us as we list all qualifications. We have 2,000 equity-release advisers listed.”