Research carried out by Nottingham Business School has shown that Brokers are the most trustworthy group of financial advisers.
The post below is taken from Mortgage Strategy which published the findings:
Brokers and advisers have come out on top in a consumer survey on trust within the financial services industry. Nottingham University Business school has put together the latest Trust Index on behalf of the Financial Services Research Forum which measures how trusting consumers are of the industry.
It found that brokers and advisers received the highest rating on trust and trustworthiness at 81.67.
Brokers and advisers have consistently been ranked the most trusted among financial services firms though have experienced a marginal decline this year. Findings in the latest study, which has been running since 2005, rank independent brokers higher than tied ones.
Banks, life insurance companies and credit card companies received the lowest ratings, at 73.96, 72.69 and 71.55 respectively.Overall the sector earned a trust rating of 75.02, and was deemed more trustworthy than institutions such as the National Health Service and the BBC.
Professor Nigel Waite, director of Financial Services Research Forum, said: “It has been widely assumed that the combined effects of the credit crunch, global recession and the banking crises would lead to a crisis in consumer trust in financial services.
“It may be an inconvenient truth, but the reality is that trust in the financial services industry is not at rock bottom.” He adds: “If the research tells us one thing, it is that the government and regulator must move the debate surrounding the future of financial services onto a more constructive footing.
“Significant levels of consumer trust do exist, which should serve as a foundation on which to alleviate the current economic crisis.”