Many consumers are not getting unbiased advice from their Independent Financial Advisers, according to a survey published on Sunday by Money Observer.

The survey found that many investment guides only recommend funds that pay to advertise with them.

An increasing number of independent financial advisers are publishing their own guides on ISAs (Individual Savings Account), the tax-free savings scheme.

But the survey reveals that only around a dozen of the advisers promote funds that do not pay to advertise in their guides.

No formal probe

This practice excludes smaller funds which cannot afford the advertising fees.

It also means the advice they give is biased towards those who pay advertising revenue.

The Money Observer has called on the financial watchdog - the Financial Services Authority (FSA) to investigate further.

But the FSA says that so far there is no evidence to warrant a formal inquiry.

It is the busiest time of the year for financial advisers, as investors rush to take advantage of tax breaks before the end of the financial year.

Financial Advisers exist to assist people with their money decisions, dispensing guidelines on savings, pensions and mortgages.

Their actions are closely followed by the FSA.