Only one in three people in the UK say they trust financial advisers the most when seeking financial advice, reveals a study by LifeSearch.
According to a survey conducted by the protection company for its latest issue of The Protection Report , only 34% say they would find a financial adviser the most trustworthy when receiving advice about their finances.
Furthermore, 40% deem they would not trust any of the major 'advice channels' such as banks/building societies, solicitors, advisers and media when seeking financial advice.
Research paints a gloomy picture for bank and building societies, as only 10% of those questioned say they trust them the most - a figure which is even lower than the 13% media received.
LifeSearch states: "In other words, over a third of people asked do not trust the main channels of financial advice available in the UK.
"Whatever the cause of this, the net result could be consumers making uninformed decisions and, ultimately, leaving themselves financially vulnerable," it adds.IFAonline
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Reporting to Steve Hill
Appointed on 19 September