Consumers are increasingly concerned about qualifications when consulting an independent financial adviser (IFA), it has emerged.

Figures from IFA Promotion reveal that more than 120,000 Britons asked about the level of qualification held by their IFA when seeking advice over the past year.

Some 75 per cent of individuals surveyed by the firm also stated that it is important for IFAs to be qualified beyond the minimum level required by the Financial Services Authority (FSA).

The issue of qualification has become publicised recently with the introduction of the FSA's Retail Distribution Review (RDR).

In July, New Model Adviser reported that implementing a distinction between professional financial planner and general financial adviser status could have implications for IFAs' Professional Indemnity (PI) insurance cover.

Neil Pointon, Chief Executive of specialist Lloyd's of London insurance broker PYV, told the publication that increased levels of professionalism would be welcomed by PI underwriters; however, the RDR and its associated Discussion Paper's suggestion of reducing the IFA's policy excess would not be a suitable way forward.

"The whole point of an excess is to make people responsible for their own actions," he asserted.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.