IFAs remain the most trusted figures in financial services, according to a new study from the Financial Services Research Forum.
The drew on data from an online YouGov survey which asked more than 2,000 consumers to rate financial institutions and advisers out of 100 based on how much they trust them, with scores above 50 indicating trust and scores below 50 indicating a lack of trust.
“Banks came in last place, with a score of 35”
Advisers came in first place, although their score fell from 75 in the final quarter of 2009 to below 65 in the third quarter of 2010.
Banks came in last place, with a score of 35, and the only sectors to score above 50 by the end of the third quarter of 2010 were advisers and building societies. (article continues below)
Forum director Professor Nigel Waite says: “As has usually been the case since we first developed the trust index in 2003, the brokers/advisers category continues to stand out as the most trusted.
“This perhaps reflects that consumers recognise the greater and more explicit responsibility such institutions have to work in their clients’ best interests.”