The Financial Services Authority has today announced changes to the rules governing financial advisers.

From 2013, investment advisers - both independent advisers and those working for institutions - will need to be hold accreditation, called a Statement of Professional Standing, and sign up to a code of ethics.

Commission received by advisers who sell investment policies will also cease from 2013.

The FSA has stated the aim of the measures is to bolster public trust in the industry.

Advisors will have to complete 35 hours of continuing professional development training per year under the regulations.

According to FSA research 70% of UK advisers currently complete this level .