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Consumers Driven to Seek Advice on Different Topics as Mortgage Approvals Drop

For Immediate Release – 7^th February 2007

        Unbiased.co.uk’s Advice Drivers report shows a 30% fall in requests for independent financial advice on mortgages in the last quarter of 2007 relative to the previous three months, although advice in other product areas remains high

        UK consumers continue to support independent financial advice by driving significant increases in requests for advice on offshore investment (up by 18%) and expatriate services (up by 29%) on the final quarter of 2006

New figures from Unbiased.co.uk, the find an Independent Financial Adviser search, reveal that the number of consumers seeking independent financial advice on mortgages dipped sharply during the final quarter of 2007 relative to the previous three months.  The figures also display an increased interest in offshore investment and expatriate services, with a 10% rise also reported in advice on ethical investments relative to the same period in 2006.

Unbiased.co.uk’s Advice Drivers report demonstrates once again consumers’ faith in independent financial advice, as Unbiased.co.uk received over half a million requests for details of a local IFA in the last 12 months. As the credit crunch begins to squeeze the real economy, the number of consumers seeking advice on mortgages has shown a dramatic decline over just three months. The Advice Drivers report also highlights the longer-term trends of rising demand for advice on offshore and ethical investments, as well as advice on expatriate services. These product areas are now more popular than they were during the same period in 2006.

David Elms, Chief Executive of Unbiased.co.uk, commented:

“Our latest report shows how adaptable the independent financial advice sector is to a changing economic climate. Although mortgage applications are down and hence demand for advice on mortgages is also dropping, demand for good independent financial advice on offshore and ethical investment products is rising and the advice sector is meeting that demand. Consumer needs are constantly changing and whole-of-market IFAs are the best-positioned of all advice types to serve these needs.”

The top ten Advice Drivers in the final quarter of 2007 were as follows:

 

The report is compiled on a quarterly basis from comprehensive data collected as a result of individual consumer selections made when requesting details of a local IFA through Unbiased.co.uk.

^{*IFA Promotion figures using consumer searches on www.unbiased.co.uk NB: more than one product area can be selected}

Consumers can obtain details of local IFAs who focus on specific product areas by visiting www.unbiased.co.uk.  They can search for IFAs with incremental qualifications, specific payment options, or state a preference to see a male or female IFA.

For further information please contact:

David Elms	Anna Schirmer/Jonathon Grove
Chief Executive	Lansons Communications
Unbiased.co.uk	020 7294 3682
020 7833 3131

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call Unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

1.      Independent Financial Adviser Promotion

Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.  

IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

• Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.

• Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

• Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

  2.      Independent Financial Adviser Promotion’s sponsors

  Abbey for Intermediaries	Lincoln Financial Group
  Aberdeen Asset Management	Lutine Assurance Services
  AEGON Scottish Equitable Plc	National Savings & Investments
  Alliance Trust	New Star Investment Funds
  AXA Life	Norwich Union Life
  Bright Grey	Prudential
  Canada Life Ltd	Scottish Life
  The Children’s Mutual	Scottish Life International
  Clerical Medical Investment	Scottish Widows Plc
  Defaqto	Skandia UK Group
  Friends Provident	Standard Life Assurance Company
  The Hartford	Tomorrow
  Invesco Perpetual	Unum
  Legal & General	Zurich Intermediary Group

  Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606