Only three in five (58%) advised consumers had high levels of trust in their financial adviser in 2022, according to the latest FCA Financial Lives survey.

One in ten (13%) said they had low levels of trust in their adviser, however, trust levels have not changed significantly since 2017.

Financial advisers were more highly trusted than financial services providers in general.

Only 41% of adults had confidence in the UK financial services industry, and just 36% agreed that most financial firms were honest and transparent in the way they treated them.

Levels of satisfaction with their advisers dipped slightly.

In 2022 51% of advised consumers said they were highly satisfied with their financial adviser, in comparison to 55% in 2020.

Over half (53%) said they were highly confident in the advice given, and 57% said the advice they received was clear and understandable.

When asked what helped build trust in their financial adviser, consumers said the fact they were regulated by the FCA (62%), the reputation of the adviser’s firm (41%), and professional qualifications (34%) were most important.

Those with high levels of trust were also more likely to cite the professional credentials or qualifications of the adviser as one of the reasons why they trusted them highly (42%) than those with moderate or low levels of trust in their adviser (28% and 21%, respectively).

The Financial Lives survey also highlighted that a lack of trust was one of the reasons why some are not turning to professional advisers.

Only one in five non‑advised adults (21%) agreed that financial advisers were unbiased and less than half (45%) of non-advised adults surveyed trusted financial advisers to act in the best interest of their clients.