Unbiased.co.uk: Which? report on UK financial advice

In response to the recent research findings of Which? regarding financial advice provision in the UK, David Elms, Chief Exec utive 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.”