Consumers ‘resigned to not getting good advice’

Many British consumers are resigned to the idea that any financial advice they receive will not be of the highest quality, according to a recent report.

Research by the Financial Services Consumer Panel suggested that there is a good deal of confusion among adults across the country with regards to the independence or otherwise of organisations they approach for money-related advice.

With millions of people in the UK struggling to become debt free, the panel is convinced that a generic independent financial advisory system should be established nationwide to give consumers greater access to potentially helpful information.

“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,” said John Howard, chairman of the Financial Services Consumer Panel.

The overall personal debt management burden in the UK increases by close to £1 million every four minutes, according to figures from the Credit Action charity.