Consumers are clueless about the RDR after a survey by PanaceaIFA found 93 per cent did not understand what the RDR was.

The website for smaller adviser firms surveyed 740 advisers and also found 93 per cent of their clients would prefer a commission choice to remain available and 90 per cent thought experience was more important than qualifications.

Only 20 per cent said they understood about the changes to adviser payments from commission to fees.

Chief executive of the site Derek Bradley says the results show how the view of the consumer differs from that of the Financial Services Authority and that the FSA should have consulted with consumers before implementing changes.

He said: “The results of the survey are so alarming I must ask why the FSA have not conducted similar research with IFAs or their clients. Why are there still no visible plans to educate the public about the RDR?”

He said it was the responsibility of the FSA to educate consumers about the changes, rather than the Money Advice Service.

“The negative impact of the RDR on the consumer market in 2013 goes unchallenged. No doubt Mr Sants will argue that creating awareness is a job for the Money Advice Service but that appears to be setting itself up as some kind of honest broker service and I am not convinced it has the teeth to tackle this issue.”

He suggested a sponsored message from the FSA informing the public of what the changes would be would work well.