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Research finds IFAs most trusted financial service

IFAs are the most trusted group of all financial services institutions, according to the Financial Services Research Forum.

The research, released as part of Aifa’s policy paper, surveyed 1,400 people and found IFAs came top, followed by investment firms, general insurance companies and building societies.

The survey reveals that younger people have significantly lower degrees of trust in financial services.

Aifa director general Chris Cummings said there is a “significant challenge” for institutions to manage their relations with this age group.

He said: “IFAs have an overall trust value of 83.7 out of 100, compared with just 77.8 for tied advisers. High-level trust for IFAs has also remained high over the past 18 months. This is no mean feat when the financial services industry is facing some of the worst economic conditions seen and is hardly ever out of the media’s glare.”

FSRF director Professor Nigel Waite says: “The gap between IFAs and other sectors of financial services is particularly noticeable with regard to higher-level trust.”

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