1 October 2007

David Elms comment on research findings of Which? regarding financial advice provisions in the UK

For Immediate Release: 27 September 2007

In response to the recent research findings of Which? regarding financial advice provision in the UK, David Elms, Chief Executive of Unbiased.co.uk, comments:

Unbiased.co.uk 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 I cannot comment on customer satisfaction of tied advisers, we should not lose sight of the fact that the vast majority of consumers who see an Independent Financial Adviser (IFA) are satisfied with the outcome.   Our own independent research reveals that almost nine out of ten (86%) consumers who used Unbiased.co.uk’s ‘Find an IFA’ service in the last year  were satisfied with the meeting they had with an IFA*.

“The Which? Report does suggest that consumers are better off seeing an IFA, who can advise on all products available in the market rather than those from a select number of companies.    These are telling findings, considering the Financial Services Authority’s Retail Distribution Review and the proposals to allow tied agents (for examples those working for a Bank or Building Society) to call themselves ‘independent’.   As an organisation that has a long track record of putting the consumer first, Unbiased.co.uk has grave concerns that the proposals if implemented would lead to more unnecessary consumer confusion, and if Which’s results are to believed, a poorer service to the consumer.”

“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 better educated the consumers are, the better positioned they are to get the most out of seeing a financial adviser. Consumers who are not satisfied with products sold to them through a tied adviser should not hesitate to complain to the company the salesperson is usually employed by and tied to. If you are not happy with the outcome, contact the Financial Ombudsman.”

-ends-

For further information please contact:

David Elms

Anna Schirmer/Jonathon Grove

Chief Executive

Lansons Communications

Unbiased.co.uk

020 7294 3605/ 020 7294 3653

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 20,000 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 27 leading financial institutions, and in the past 12 months, over 600,000 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

Aberdeen Asset Management

Lincoln Financial Group

Abbey

National Savings & Investments

AEGON Scottish Equitable Plc

New Star Investment Funds

Alliance Trust

Norwich Union Life

AXA Life

Prudential

Bright Grey

Scottish Life

BUPA Health Services

Scottish Life International

Canada Life Ltd

Scottish Widows Plc

The Children’s Mutual

Skandia UK Group

Clerical Medical Investment

Standard Life Assurance Company

Defaqto

Tomorrow

Friends Provident

Unum

Invesco Perpetual

Zurich Intermediary Group

Legal & General

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

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