But it warned that it needs more help from regulators and professional bodies to avoid further problems in future.

The Personal Finance Society said yesterday it was investigating the use of parent body the CII’s Chartered designations by some individuals.

PFS chief executive Keith Richards said the body was working with Unbiased after examples of wrongly listed Chartered firms were flagged up.

Asked to comment by Financial Planning Today, Unbiased released a statement.

This stated: “We agree that it is disappointing to see incorrect information being entered by advisers on their profiles and this is an issue that we are taking very seriously. It is not an issue that is unique to unbiased but one that affects the entire industry.

“What we need is close cooperation and a willingness from awarding and regulatory bodies to share data with organisations like us, to allow us to run efficient and automated checks on the details provided by advisers. Until this data exchange happens, we have to continue to check over 50,000 details manually.”

PFS chief executive Mr Richards said: “Where inaccuracies have been identified, we contacted the relevant firms, and the listings have been promptly corrected. We are currently working with Unbiased to review the use by individuals of the CII’s Chartered designations.”

This is not the first time the PFS has coordinated with Unbiased over such issues.

Read more on this from the PFS HERE.