When writing about complex financial products or issues, Family Money frequently advises readers to seek independent financial advice before making a decision.

But what is independent financial advice and where can it be found? Several readers have asked for help in this regard. Some of them have said they do not know where to start - the Golden Pages, the Central Bank, their local broker?

Well it depends what the consumer is looking for. The mainstream Irish investments market is dominated by insurance-related products. So if you are looking for an insurance-related investment, including pensions, an insurance broker will have expertise in that area and should be able to advise on at least a fair cross-section of the market.

There are other types of investments, such as equities, deposits, currencies, some tracker bonds and property funds, that insurance brokers don't deal with.

To get information on everything you would need to go to a an investment intermediary. The structure of the intermediaries market will change when the Insurance Act becomes law on April 1st and regulatory control of insurance intermediaries passes to the Central Bank. From then, insurance intermediaries will be fitted into the investment regime.

The Central Bank has published an outline of its restructuring plans and Family Money will revisit the subject of independent advice when the changes are in place, but in the meantime the situation is as follows:

There is a basic level of authorisation for restricted investment intermediaries allowed for under the Investment Intermediary Act. Beyond that, firms can seek authorisation for whatever other services, including financial advice, they wish to provide. But before we get lost in investment intermediary definitions, let's get back to the insurance side.

The least desirable investment advice comes from a tied agent, which can be anything from a bank to a sole trader. They are tied to one company and can only sell the products of that company. There is no comparison or shopping around involved. One step up from a tied agent, from the consumer's viewpoint, is an agent, who can have up to four agencies for insurance companies.

An insurance broker has a minimum of five agencies, and generally a broker will hold seven to 11 agencies. Don't be afraid to ask how many agencies a broker holds.

According to Mr Paul Carty of the Irish Brokers Association, there is no limitation on the advice that a broker can give on insurance matters.

However, there are currently limitations on the advice a broker can give on non-insurance matters or other types of investments, unless the brokerage is also registered as an investment intermediary with the Central Bank.

Most intermediaries are technically restricted intermediaries, but there are various tailored levels in this category, depending on what each firm has sought and been granted authorisation to do.

To find out exactly what a particular firm is authorised to do, investors can either ask the firm or call the Central Bank on LoCall 1890 200469. Some restricted intermediaries have authorisation to give broad-based financial advice, for example.

Others can only provide general financial information and give investment advice about the firms for which they have an agency.

There are 400 restricted intermediary firms listed on the Central Bank register. There is no limit on the number of agencies that these firms may have. Some of them will be selling the products of more than 10 companies. Can these firms give independent advice? To a certain extent they can, but it may depend on the professionalism of the intermediary, the type of advice being sought by the consumer and the level of understanding of the system they have.

To start with, some institutions do not deal with intermediaries and their products and services are only available direct to the consumer.

These include some of the largest players in Irish financial services, such as AIB, Bank of Ireland, credit unions and An Post. Quinn Life and Northern Rock also do not deal with brokers. The standard restricted intermediary can explain this to a client. He or she can even show a client the range of deposit rates available, for example, as this is general financial information. Strictly speaking, however, they cannot actually advise their clients on which institution to transfer funds to, in this example.

But most people are looking for investment advice above and beyond deposit rates when they go to a broker or investment firm. They may need various investment products explained to them or they may already know what they want and are looking for the best buy the intermediary can recommend. A restricted intermediary or insurance broker can decode products for them, assess their risk profile and then execute the business. The client should understand how big a pool the adviser is drawing on. The simplest way to do that is to ask for each product, a) how many agencies do you have? and b) how many providers are there in the market?

There is no problem if you are happy with that level of choice and service. Depending on the level of authorisation, an investment intermediary may be assessing the whole market for his or her client and not just the companies for which they hold an agency. This is generally fee-based advice as it's not commercially viable for the intermediary to do the work for nothing.

With the new disclosure regulations, the intermediary has to give the client a breakdown of the charges for whatever they are buying. The customer can read how much commission the intermediary will make on each product offering and use this information to reassure themselves the recommended sale is in their interest. Family Money often refers to fee-based advice. Some restricted intermediaries operate a fee or part fee-based service, and in this case commission may not be an issue.

So for restricted investment intermediaries and insurance brokers the customer needs to know three things: does the intermediary supply information on the full market?; how many agencies or "appointments" do they hold?; and what role is commission playing in the sale?

If a firm is authorised as an investment business firm under Section 10 of the Investment Intermediary Act, it can have discretionary control over clients' investments and operate client money accounts. These firms may act as an agent for the client and arrange investments or sales of products with any financial institution.

According to the Central Bank, 240 firms are fully authorised under Section 10 with the freedom to handle clients' money.

Most of those would be in the corporate sector, either part of large financial groups or firms operating in the IFSC. A small number are catering for the retail investor.

Apart from intermediaries, consumers can avail of advice provided by accountancy firms and some solicitors who are authorised by their professional institutes.

There is increasing scope for individuals to carry out research themselves on the Internet. Financial institutions are beginning to load their websites with useful information on different investment options, and anyone can mine these sites without an obligation to buy.

Some intermediaries also provide comparative quotes, product definitions and general investment information on their websites. For a refreshingly down-to-earth take on financial matters drop in on the Irish discussion site www.askaboutmoney.com or check out the commonsense of www.fool.co.uk.