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FSA survey reveals 'free advice' myth alive and well

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FSA survey reveals 'free advice' myth alive and well

Nearly half of consumers who receive financial advice are unaware they could be paying for it through commission, according to a survey by the Financial Services Authority (FSA).

The regulator's survey of 2,000 people found that 49% were unaware of potential commission payments, The Independent has reported. Just under a third (29%) said they would pay a fee for financial advice while a third of those who do not currently receive advice thought it was free.

The FSA said: 'In response to the survey's finding the FSA has put the record straight by pointing out that advice has never been free. Consumers have always paid for the advice they receive, but they often didn't understand the mechanism through which they paid for it.'

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