AIFA: Which? survey of Financial Advisers

The Association of Independent Financial Advisers (AIFA) has responded to the annual Which? survey of financial advisers.

The Which? investigation has shown that independent financial advisers are better at giving advice than those who work for banks and building societies.
Chris Cummings, Director General of AIFA, said:

“The Which? report makes clear the distinction between advisers who act for their clients and tied sales staff usually working in high street banks or building societies who can offer only a limited range of products. The evidence is that consumers are better served by independent financial advisers.

“The key message from this report is simple: to get the best advice, avoid the high street, shop around, and stick with advisers who are independent.

“The report shows that there is still work to be done to raise standards across the industry. However, Which? sets an exceptionally high benchmark for advisers and it is good to see an overall improvement on last year’s figures.

“The findings however, raise serious questions about the proposed reforms of the market by the Financial Services Authority, which could see independent financial advice become the preserve of the wealthy. Under its proposals many consumers in the middle and lower income brackets could be left with a little option but to use tied advisers.”