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Confidence in financial advice

CII-PFS Survey Report

The trust and confidence of consumers who use financial advice has increased by 40% since 2013, according to surveys conducted for the CII.

  • Whereas in 2013, 43% of advised customers said they trusted the financial advice sector, 60% said this in 2016.
  • There has also been a considerable shift from those who said they did not trust advisers or did not know: both have plunged by about a quarter since 2013.

For those customers who have never sought advice, the results remained the same, except for a 15% fall in people who said they did not trust advisers.

Commentary:this is a re-run of a survey we published in our 2013 reportThe RDR and Consumers. The result between the two clearly demonstrates the improved sentiment since the RDR. Whereas many consumers were openly negative towards professional financial advice in 2013, many are less sure. And some are in fact more positive.

Next Steps: we intend to undertake a third survey later this year to track progress.

Pdf icon small  View the attached report »


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