IFAs 'seen as fairest of them all'

17/12/2009

Written by Neil Pointon

Independent financial advisers (IFAs) are seen as the fairest acting professionals throughout the entire financial services sector, it has been revealed.

Research published by Nottingham University Business School's Financial Services Research Forum shows IFAs to have been rated 84 out of 100 in terms of being fair to customers, something that could interest those involved in providing Professional Indemnity (PI) insurance to the financial services community.

This compares to the industry average of 72 and the 68 score that banks receive.

Commenting on the findings, Chris Cummings, Director General of the Association of Independent Financial Advisers (Aifa), claims it shows "a strong endorsement of the IFA profession".

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

Last month, Mr Cummings claimed that a long-stop on complaints should be created for IFAs, as such professionals "should not be penalised because consumers do not trust banks and want to keep them responsible for their actions".

However, the forthcoming Retail Distribution Review previously reported that it will not incorporate this with regards to PI insurance claims.

(c) 2009 Adfero Ltd.

Click here to go back to archive list