- Friday, 24 April 2009Britons are increasingly turning to independent financial advisers (IFAs) for help in managing their debt.
In light of this, the Financial Services Authority (FSA) has been urged to build on this consumer trust.
According to the Association of IFAs (AIFA), at a time when the UK public needs to have faith in financial services, the credit crunch and recent global economic events have had a negative impact on people's trust in major monetary institutions.
Chris Cummings, director general of AIFA, called this a "sad fact" - although Britons may find that approaching an IFA to find out more about an
individual voluntary agreement (IVA) could help them to manage debt more efficiently.
"Unlike all other parts of the sector, the public's trust and confidence in IFAs goes from strength to strength," Mr Cummings asserted.
He went on to urge the FSA not to "confuse" consumers with misleading labels or by reducing access to the IFAs that Britons put their trust in.
Credit Action recently reported that according to research by R3, one person will become bankrupt or enter into an IVA every 3.3 minutes before the end of 2009.
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