By Iona Bain      

Britain's most expensive independent financial advisers (IFAs) are charging thousands of pounds more than the cheapest alternatives for the same service.

That's the remarkable revelation from a new study commissioned by Which? highlighting the discrepancies between what independent financial advisers (IFAs) charge across the UK. 

The consumer organisation asked 200 IFAs across the country to give quotes for different services and found that Brits could pay £2,450 more to transfer money into a stakeholder pension.

One IFA in the south-east quoted £2,500 to transfer an investment into a stocks and shares Isa, yet most IFAs quoted just £356 for the same service. Two IFAs in the south-west and the east of England offered a quote at £106 for exactly the same service.

Another IFA in the north-west was prepared to charge nearly £2,000 more to arrange a protection policy for a 30-year-old female than one adviser in Scotland. The typical fee for this service was just £596, found the consumer body.

Which? chief executive, Peter Vicary-Smith, says IFAs should be "much more transparent" in their pricing so that customers understand what they are being charged and whether it is reasonable.

"IFAs should clearly display their fees online and if they don’t the regulator should step in to make this happen,” he adds.

Later this year, IFAs will be forced to recommend a much wider pool of investments to clients, as they will be banned from receiving commission set by providers and forced to change the way they charge clients, meaning that all charges must be disclosed at the outset and agreed with the customer. At present, customers can opt for an ongoing 'trail commission' rather than a larger upfront fee.