Daily Research News Online no. 2771 - Rising IFA Awareness of Quality Scheme

Rising IFA Awareness of Quality Scheme

November 28 2003

Around half of Britain's Independent Financial Advisors (IFAs) are aware of the Raising Standards Quality Mark scheme introduced by The Association of British Insurers (ABI) in 2000, and a significant proportion say it has influenced their choice of provider, according to research by ORC International.

The voluntary scheme is open to providers of financial services products and based around a rigorous set of customer-focused standards. Companies that comply are awarded the quality mark. Although the research shows half of IFAs are still unaware, the ABI's Martin Shaw points out that the Association have not yet launched a national campaign to publicise the quality mark, and finds the figure 'very encouraging'. Furthermore, those who are aware are often quite familiar with the scheme:

six in ten were able to name one company that had been awarded the quality mark. Companies named as having achieved the quality mark were led by Norwich Union (21% aware) and Standard Life (20% aware). The next most mentioned companies were Scottish Equitable (13%) Scottish Widows (11%) AXA Sun Life (8%) Friends Provident (7%) and Prudential (6%)
A fifth claimed the scheme had influenced their choice of provider.

After being provided with an explanation of the initiative, just over a quarter of the sample felt that it would be of benefit to them.

ORC International surveyed some 500 financial intermediaries online.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.