FCA study: 40% of people trust financial advisers

Fewer feel financial firms 'honest and transparent'

Tom Ellis
clock • 1 min read

Four-in-ten people have told the regulator they trust regulated financial advisers, according to the Financial Conduct Authority's (FCA) Financial Lives survey.

The FCA interviewed 13,000 people about their personal finances and found just 39% of people say they trust financial advisers to act in the best interest of their clients, although the figure slightly differs in rural and urban areas. Adults in rural areas are more trusting of advisers, with 44% saying they believe they act in the best interests of their clients, while this figure drops to 38% for those in urban areas. These figures compare to the 40% of respondents who said they were confident in the UK financial services industry. One-third (31%) said they feel financial firms are ...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Caroline Rainbird

FSCS levy demand for 2023/24 'significantly' cut to £270m

Updated levy is £208m lower than the forecast published in November 

Jenna Brown
clock 25 May 2023 • 3 min read
SDR holds “a lot of promise”, the firm said, especially in a simplified disclosure for consumers

Morningstar: FCA has 'once-in-a-generation opportunity' in SDR

Sustainability Disclosure Requirements to build a 'truly cohesive' framework

Elliot Gulliver-Needham
clock 18 May 2023 • 3 min read
FCA censures Lighthouse after British Steel 'serious failings'

FCA censures Lighthouse after British Steel 'serious failings'

Quilter-owned firm has paid out £23m in redress

Jenna Brown
clock 15 May 2023 • 2 min read