Consumers 'are unaware of advisers' status'

UK financial advice services that provide help with money to the public are in urgent need of a change, according to one personal finance commentator.

The Financial Services Consumer Panel (FSCP) has published finance news indicating that many people are confused about the roles of different advisers under the current system.

Central to the problem is that many consumers consider the advice they are receiving to be independent, even when the professional concerned is tied to a commercial institution of even employed by a bank.

John Howard, chairman of the FSCP, said: "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."

He went on to say that the current environment of professionals providing help with money advice was in drastic need of change.

In related finance news, Unbiased.co.uk has stated that a surge in the number of people seeking advice from independent financial advisors has followed the recent turmoil in financial markets.