The Personal Finance Society (PFS) is launching a consultation to ask for ideas on how to improve the reputation of financial advisers.
Set up with the specific objective of improving consumer confidence in the financial planning and advice sector, the PFS is asking its members to email ideas on how to improve.
Following recent research which suggested improving their reputation was the single most important issue for advisers, the PFS says the industry’s reputation has been significantly damaged by mis-selling and consequent Government regulatory intervention.
It claims in the last 20 years there has been a progressive transfer of risk to the individual citizen in the area of personal financial provision, and as a result public confidence in the sector is low.
The current initiative is designed to engage its 22,000 members in a debate on the key issues which need to be addressed in order to improve the reputation of the industry.
Bob Bullivant, acting chief executive of the PFS, says the organisation receives many individual comments from members about reputation and image issues.
He adds: “We intend to hold a Society-wide discussion of these issues over the next few months. We wish to give every member of PFS the opportunity to voice their concerns or solutions. The mail box we have set up is their opportunity to get in at the beginning of this debate.”
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