Putting the ‘independent’ back into IFA

As the Financial Services Authority publishes its Retail Distribution Review, Which? personal finance campaigner, Dominic Lindley, says: "We need to put the ‘independent' back into IFA. There has to be a clear distinction between those offering unbiased advice and those simply trying to sell products. It must be made crystal clear to consumers what type of service they are receiving and how they are paying for it.

"Consumers expect their advisers to be properly qualified so the proposals for higher professional standards are a step in the right direction.

"Any new ‘sales advice' process must offer value for money products and sufficient consumer protection. Given that only 32 per cent of bank advisers met our benchmarks for giving good advice there must be no weakening of the regulatory requirements in this sector."

For information on how to choose a financial adviser go to which.co.uk/financialadvisers