Unbiased.co.uk has called on the Money Advice Service to develop a formal process for adviser referrals after it saw a “considerable fall” in the number of MAS referrals last year.
The MAS referred around 3,000 people to regulated financial advisers between April 2011 and March 2012, according to the latest data available.
Unbiased chief executive Karen Barrett estimates the number of MAS referrals fell by several hundred in the second half of last year.
She says: “The overhaul of the MAS website last year has meant a lot of links for finding an adviser on the previous Consumer Financial Education Body and Moneymadeclear websites have been cut out.
“We have got 15,500 advisers on our database and a further 4,000 mortgage brokers. Advisers are understandably frustrated the MAS has come out and said it wants to work with banks to close the advice gap, when there is this whole swathe of people perfectly positioned to help consumers and give them the right advice for their needs.”