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CISI survey reveals consumer confusion and lack of trust around money advice

8 May 2017

In the run up to the start of UK Financial Planning Week on 8 May, Chartered Institute for Securities & Investment (CISI) reveals the results of a survey showing consumer lack of trust and confusion re accessing money help

The survey, commissioned by the CISI and undertaken by YouGov*, revealed that 41% of the UK public say they would trust a qualified financial adviser when seeking financial advice but only 7% would trust their bank for advice.

When asked the question: “In seeking financial advice, who would you trust more?” of those who responded:

• 41% said “a qualified financial adviser”

• 26% said “no-one else but trust yourself”

• 22% said “would trust a good friend or relative”

• 7% said they would trust their bank

• 3% other

• 1% said they would trust the media

In addition, when asked “Before seeking financial advice from a financial or wealth manager, which of these would you do?”  the responses, chosen from a combination, were:

• 30% were not sure what to do

• 28% would seek confirmation from another client

• 25% would seek confirmation from the Regulator

• 25% would seek confirmation of qualifications from the Awarding body

During CISI’s annual Financial Planning Week, which this year commences 8th May CISI Certified Financial PlannerTM professionals offer the UK public free, one-hour financial planning sessions.

Jacqueline Lockie, deputy head of Financial Planning at the CISI said: “The survey findings show there is still a lot to be done to build trust in financial advice and planning in the minds of consumers. These findings also indicate that consumers are unsure what to do when seeking advice – our ten questions to ask a financial planner will help greatly with this.

“There also seems to be a need for consumers to source some sort of register of highly qualified advisers, such as CISI’s Wayfinder, run on a not-for-profit basis and listing all those UK based Certified Financial PlannerTM  professionals who have achieved the internationally recognised financial planning qualification. We must go the extra mile to help consumers navigate this complexity and make it easier for them to both trust and seek financial help.

“We have over 80 firms involved now for Financial Planning Week, with Certified Financial PlannerTM professionals lined up to give consumers nationwide free, one-hour sessions to help them work with their life goals and help them plan how they can achieve their goals.

“The initiative takes place for the week of 8 May and is being led by our Certified Financial PlannerTM professionals, alongside with other CISI qualified professionals, by offering free financial planning sessions, worth up to £500, either in person, via skype or over the phone.”

The website for consumers to book a free financial planning session is Cisi.org/fpweek, email [email protected] or call 020 7645 0708.


* The CISI survey fieldwork was conducted by YouGov 11-18 October 2016. The survey was carried out online and all figures, unless stated otherwise, are from YouGov plc. Total sample size was 2,056 adults aged 18+.



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