Consumers rate Independent Financial Advisers highly.
An independent survey revealed that consumers rate Independent Financial Advisers highly and see them as the "most fair" of the financial services professions.
The ‘Fairness Index', produced by the Financial Services Research Forum at Nottingham University Business School, looked at consumer perceptions of fairness with regards to financial services.
The Index takes into account a wide range of measures including impartiality, familiarity, courtesy and communication.
The Index found IFAs enjoy by far the highest ratings on overall fairness, with an index score of 84 out of 100, significantly higher than the industry average of 72. When the data is broken down further, IFAs also rate the highest across each of the fairness measurements.
Brokers/advisers were followed by building societies (75), investment companies (73), life insurers (72), and general insurers (72). Banks (68) and credit card companies (63) received the lowest ratings.
Chris Cummings, director general of AIFA, said: "AIFA strongly welcomes these impartial findings on fairness from the Financial Services Research Forum, and believe they provide a strong endorsement of the IFA profession.
"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. It also further reaffirms that the public recognises the IFA profession's core value: ‘The guiding light is to do well by the client'."
Professor Nigel Waite, director, Financial Services Research Forum, said: "When it comes to IFAs, consumers' perception of fairness is particularly influenced by courtesy, communication and familiarity.
"As Government and employers transfer responsibility and risk to individuals, we must encourage consumers to take more interest in their financial affairs. Fair outcomes for consumers will help create a sense of confidence and trust in the marketplace, which will help persuade customers to engage more meaningfully with financial matters. This will benefit consumers, the financial services industry and the UK economy."
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