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.
