IFAs beat banks on consumer trust

Financial advisers are the most trusted figures in financial services, particularly in the wake of the banking crisis, research suggests.

According to the Financial Services Research Forum's latest Trust Index, advisers were favoured by 2,000 consumers as the most trustworthy people in financial services.

Respondents rated institutions out of 100, with 100 being the most trustworthy. IFAs were rated 65, compared to their 2009 score of over 75.

Banks were among the least trusted institutions, scoring just 35 out of 100.

"The overall conclusion has to be consumers are moderately trusting of their own financial institutions but tend not to trust financial institutions in general," says Professor Nigel Waite, forum director.

"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."