Advice services in need of change

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Members of the public do not fully understand their position when seeking investment advice and other financial pointers, it has been claimed.

According to the Financial Services Consumer Panel (FSCP), many people end up in a state of "confusion" when seeking out advice due to the fact that they do not realise the different sorts of advisor available.

Assistance regarding investments, loans and other financial products should be clearer, as should the exact standing of the professional meting out advice, the panel argues.

This is due to the fact that many consumers view advice as "independent" even when those providing it are employed by a bank or otherwise tied to a financial institution.

John Howard, chairman of the (FSCP), said: "At the moment consumers are generally confused about the type of advice they are receiving and, appalling though it may seem, many people are now simply resigned to not getting the best advice when they talk to a financial adviser."

He added that the investment advice market was in dire need of change.

Meanwhile, Unbiased has reported that consumers are "flocking" to independent financial advisors in the wake of market turbulence following the credit crunch.

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