It has released a survey today, of people using its Sorted website, that shows a quarter of respondents did not know how to find or choose a professional adviser.

The same number were worried if they did use an adviser, they might be sold something they did not need.

Almost half had never used an adviser.

Another survey, done in conjunction with the Financial Markets Authority (FMA) showed just over 60% of respondents had never dealt with a financial adviser.

The main reason that 62% of respondents said they were likely to seek advice was if they received an unexpected sum of money. Only 21% said that being close to retirement was a good reason for doing so.

Trust was the most important consideration for 93% when choosing an adviser, while 84% were concerned with how well the advisers disclosed any links between themselves and the products they recommended.

Qualifications and experience and customer service were ranked higher than costs or fees as reasons for choosing an adviser, but still 70% of respondents said remuneration was an important consideration.

Liam Mason, director of regulation at the FMA, said: “These survey results show that people do feel there are real barriers to accessing the financial advice or support they would like and they are not certain their interests are being put first when it comes to the type of service they are receiving.

“The concerns coming through these surveys confirm the issues that have been raised in the review of the legislation surrounding financial advice. We encourage the public and all sections of the industry to get involved in the review and make their own submissions on the options that have been proposed to improve the current regulations.”

CFFC group manager of investor education David Boyle said most people did not know what an AFA was and more help was needed to point them in the direction of an adviser.

"That's got to be part of the solution as we progress the future of advice. Where do I go first, how do I find an adviser?"

He said it was something the CFFC would be considering its role in and adviser associations would also have a part to play. "Seeing how they could look to promote their advisers and their reputation."

Boyle said it could be possible to follow the Australian example, where a register was established last year to help consumers identify the right adviser for their needs. "But people need to know about it for it to be effective an dhow do you keep it up-to-date?"

Adviser Murray Weatherston said: "I'm not sure what else we're supposed to do. What do you do when you want a dentist or a doctor? Maybe advisers are our own worst enemy because there's this attitude that 'unless you have half a million to invest, it's not even worth coming to see me'."