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June 22, 2018

Majority of UK adults distrusting of financial advisers: FCA

Only 39% of adults in the UK trust financial advisers to act in the best interest of their clients, according to a survey by the UK’s Financial Conduct Authority’s (FCA).

Adults in rural areas were found to place more trust on their advisers, with 44% saying that their advisers act in the best interests of their clients. The same view was held by 38% of UK adults in urban areas.

Adults in rural areas were also found to have higher satisfaction with overall financial circumstances, with 27% of adults in rural areas holding the view versus 20% of adults in urban areas.

Satisfaction with overall financial circumstances was found to be particularly low in London, with only 16% citing the same compared with the national average of 21%.

Of the 13,000 people polled in the UK, only 40% of adults said they were confident in the nation’s financial services sector while 31% believed financial firms to be honest and transparent.

Only 6% of UK adults were found to use regulated advice in the last 12 months, with more in the South East doing so.

Also, 37% of adults were found to be highly confident in money management, while 16% considered themselves highly knowledgeable about financial matters. The study also found seven in ten (71%) adults having no investments at all.

FCA CEO Andrew Bailey said: “This survey shows just how different the experience of financial services is for consumers across the country. That’s important for us, as we shape financial services policy. But it is also important for firms, as they decide how best to serve their customers.”

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