IFAs top index of financial services fairness

Thu, 17 Dec 2009

Independent financial advisers (IFAs) are viewed as the 'most fair' category of financial services professionals, according to new research released today (December 16th).

The Financial Services Research Forum at Nottingham University Business School conducted a study, known as the 'Fairness Index', to gauge Britons' views on the sector.

Based on a wide range of indicators, such as impartiality, familiarity, courtesy and communication, IFAs eventually came out on top with an index score of 84 out of 100.

Building societies were named in second place with a score of 74, followed by investment companies (73), life insurers (72), general insurers (72), banks (68) and credit card firms (63).

Chris Cummings, director general of the Association of Independent Financial Advisors, said he "welcomed" the findings of the report.

"Not only is the profession the most trusted, but it is also regarded as the most fair - this is no mean feat given the recent economic conditions," he commented.

"It also further reaffirms that the public recognises the IFA profession's core value: 'The guiding light is to do well by the client'."

Meanwhile, the Financial Services Authority has recommended that IFAs should include their qualifications alongside their company and disciplinary details on its register.
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