AdviserBook, a new directory of regulated financial advisers launched by a Chartered Financial Planner, has axed charges for advisers this year to encourage take up.

The online directory – aimed at helping consumers find regulated advisers - will be free of charge to advisers until at least 2019.

Chartered Financial Planner and director of Newport-based Niche Independent Financial Advisers Ray Adams hopes AdviserBook will become the go-to online directory of all regulated financial advisers able to provide retail advice. It will compete with established directories such as Unbiased.co.uk and others.

The directory aims to fight scams by only listing regulated financial advisers, assisting the public by allowing them to choose the most appropriate financial firm and allowing financial advice firms to gain exposure.

AdviserBook said it would help financial advice firms from all over the UK to fully utilise the directory without any charge throughout 2018 with no subscription fee until at least 2019.

The directory was unveiled in late 2017 and since then hundreds of financial advice firms have expressed support for the project.

Joseph Williams, marketing manager at AdviserBook, said: “What's happening here at AdviserBook is incredibly exciting, and the community of advisers that it is developing is really making a significant difference.

“This is why we have taken the decision to make AdviserBook free for all in 2018. We want to continue to develop a community of engaged advisers, all striving towards making a positive change within our industry without any barriers to entry.”

Mr Adams added: “In light of the recent failings within our industry, there has never been a more important time to create a public-friendly directory of regulated financial advisers.

“There simply needs to be one. So, by removing the cost element, we are essentially inviting everyone to claim their AdviserBook profile and help create a directory that works for everyone.”