Consumers told to 'ask the right questions'

Consumers seeking financial advice before investing their funds have been told to ensure they're clear about the type of adviser they're talking to and to educate themselves as best they can after.

This advice follows a Which? investigation into the field of financial advice that suggested that a number of advisers fall short in the counsel given to consumers.

In response, IFA Promotion agreed that there may be some areas of concern, though it noted its own figures of 90 per cent satisfaction from those using independent financial advice.

David Elms, chief executive of the organisation, said: "The bottom line is that the better educated the consumers are, the better positioned they are to get the most out of seeing a financial adviser.

"For any serious problems with a financial adviser, consumers should go direct to the ombudsman who will deal with their complaint through the correct channels."

Those looking to save for their children using investment trusts or similar financial entities are advised by IFA Promotion to request a Key Facts document and ask all the necessary questions when taking out a plan.