IFA Promotion comments on the recent Which? financial advice research
In response to the recent research findings of Which? regarding financial advice provision in the UK, David Elms, Chief Executive of IFA Promotion, comments:
“IFA Promotion broadly supports Which?’s advice for consumers to seek truly independent financial advice in order to inform their key financial decisions. The Which? report has highlighted areas of concern the industry needs to look at, and whilst the results do not look great for advisers as a whole, we do have our own (more comprehensive) independent research which highlights a 90% satisfaction rate from users of independent financial advice*. Advisers should always issue Key Facts documents making clear which sort of adviser they are, although ultimately the onus is on the consumer to ask the right sort of questions and make sure they are getting the type of advice they want. The bottom line is that the better educated the consumers are, the better positioned they are to get the most out of seeing a financial adviser. For any serious problems with a financial adviser, consumers should go direct to the Ombudsman who will deal with their complaint through the correct channels.”
*Source: Citigate Dewe Rogerson, based on 2,500 advice seekers via omnibus research, 2006.
For further information please contact:
David Elms | Chloe Mann/Holly Godden/Jonathon Grove |
Chief Executive | Lansons Communications |
IFA Promotion | 020 7490 8828 |
020 7833 3131 |
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For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on
020 7294 3682 or search online in ‘Media’ at www.unbiased.co.uk
1. Independent Financial Adviser Promotion
IFA Promotion was 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 and is sponsored by 31 leading financial institutions. In the past 12 months, over 530,000 consumers and businesses used IFA Promotion 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
Aberdeen Asset Management | Mortgage Express |
Abbey | National Savings & Investments |
AXA Life | NatWest Business Banking |
Bright Grey | New Star Investment Funds |
BUPA Health Services | Norwich Union Life |
Canada Life Ltd | Prudential |
The Children’s Mutual | Scottish Equitable Plc |
Clerical Medical Investment | Scottish Life |
Defaqto | Scottish Life International |
Friends Provident | Scottish Widows Plc |
GE Life | Skandia UK Group |
GMAC Residential Funding | Standard Life Assurance Company |
INVESCO Fund Managers Ltd | Unum Provident |
Legal & General | Webline Limited |
London Mortgage Company | Zurich Intermediary Group |
Lincoln Financial Group |
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