Public backs FSA advice transparency plans

The poll looked at the public’s reaction to regulatory changes which are being introduced from 1 January 2013 aimed at driving up professional standards.

As part of this, all authorised financial advisers in the UK will need to have higher professional qualifications.

Nick Cann, chief executive officer of the Institute of Financial Planning, said: “This result proves people are very positive about the regulatory changes that lie ahead.

“With so many people struggling to get to grips with their finances at the moment, it is encouraging to see that people will have greater confidence to take professional financial advice in the future.”

Marlene Shalton, president of the IFP, added: “This result does somehow negate the myth that Brits are not prepared to pay for professional advice.

“It indicates that people will have greater confidence to seek professional advice as long as it is from a suitably qualified adviser, that they can see the value to be gained from the process and are provided with costs that are transparent. The FSA's changes that lie ahead are very welcome.”

John Prout, retail customer director at NS&I, added: “It is encouraging that these changes to the way financial advice is provided are being well received and giving people greater confidence to seek professional advice about their money matters.”

Between 18th and 21st November, 2018 adults were surveyed online.