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Public trust advisers but don’t have faith in life offices

Banks and life insurance companies are the least trusted of financial institutions, while advisers and brokers are the most highly trusted, according to research from Nottingham University.

The annual trust index polled 1,200 people in the spring. Brokers and advisers have consistently rated the most trusted of all financial services institutions since the first survey in 2006.

This year, credit card providers came second despite ranking as one of the least trus- ted last year.

Aifa policy director Andrew Strange says: “This research makes good reading for the IFA community. Advisers are consistently the most trusted financial services institution.”

Nottingham University Business School professor Christine Ennew says: “The younger age groups are far less trusting of financial services providers than older customers. There is a danger that many financial institutions will be exposed to declining levels of consumer trust in the longer term.”

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