At the launch of the Aifa policy paper on restoring trust in financial services, Hoban said it was easy to destroy a reputation but far harder to rebuild one.
He said advisers should not hide their light under a bushel as trust was a vital part of rebuilding the savings market. He added that the RDR would be an important part of rebuilding this trust “if we get it right”.
Hoban warned that “independent advice” should mean exactly that and called for transparency in the language used.
He said: “You should be aware of the fact you have got a reputation as being trusted by your clients and that you do not want to lose that.
“You cannot take it for granted, you cannot be complacent about it, you cannot pat yourselves on the back and say, we are doing better than tied agents, because something might happen to change that perception. It is something that you need to burnish and keep bright and shiny and fresh.”