IFAs rated the most fair
The ‘Fairness Index’, produced by the Financial Services Research Forum at Nottingham University Business School, looks at consumer perceptions of fairness with regards to financial services. The Index takes into account a wide range of measures including impartiality, familiarity, courtesy and communication.
The Index found IFAs enjoy by far the highest ratings on overall fairness, with an index score of 84 out of 100, significantly higher than the industry average of 72. When the data is broken down further, IFAs also rate the highest across each of the fairness measurements.
Brokers/advisers were followed by building societies (75), investment companies (73), life insurers (72), and general insurers (72). Banks (68) and credit card companies (63) received the lowest ratings.
Chris Cummings, Director General of AIFA, commented: “AIFA strongly welcomes these impartial findings on fairness from the Financial Services Research Forum, and believe they provide a strong endorsement of the IFA profession.
“Not only is the profession the most trusted, but it is also regarded as the most fair – this is no mean feat given the recent economic conditions. It also further reaffirms that the public recognises the IFA profession’s core value: ‘The guiding light is to do well by the client’.”