The flotation of Eircom has seen an increasing number of people taking a punt on the stock market. Thirteen per cent of the population owns shares according to a study conducted by Goodbody Stockbrokers.

Although the investment environment has not progressed to the point where children are taking "stock market investment 101" classes such as those introduced in US high schools recently, investors are consciously seeking out truly independent financial advisers.

Until recently, most advisers were found through word of mouth or social acquaintance. Otherwise, there were few ways of checking on a broker or financial adviser before hiring them to look after your money. In the current investment environment, discerning investors are looking harder for the best advise but often don't know where to start.

Mr M illustrated this difficulty when he e-mailed Family Money with the following query: "How may I contact an independent financial adviser? I phoned the Consumers' Association and they could not provide the name or phone number of any organisation representing independent financial advisers," he said.

The existing regulatory framework, called "the mishmash" by the Consumers' Association of Ireland (CAI) means varying levels of consumer protection in the financial services industry. Protection when purchasing a financial product or service depends on the product, the person from whom it was purchased, and the laws governing that particular financial services area.

For example, if an investor has a complaint about a financial product it must be directed to that area's ombudsman whereas a mis-selling complaint should be sent to the self-regulating industry group in charge of the area.

The criss-crossing laws and numerous regulators mean some investment advisers have fallen through the protection net. The CAI has highlighted the lack of protection for consumers purchasing products through financial planners.

One way to find an independent financial adviser, or insurance broker, is through the Irish Brokers' Association (IBA) which provides consumers with a list of independent financial advisers operating in areas where they live or work says, Mr Billy Redmond, IBA president .

The insurance intermediaries' website www.irishbrokers.com makes it easy to find an adviser in a particular location. IBA members have a higher level of protection than other brokers due to the introduction of a bonding scheme for its 600 members requiring them to have a £100,000 (€127,000) bond with a maximum payout of £50,000 per client.

If Mr M is unsure of his adviser's affiliation to a particular life company he may contact the company directly.

Unfortunately, until protections are tightened with the introduction of a single regulatory authority for financial services, the public is still at risk of fraud. Past financial services legislation has not protected the interests of the ordinary man and woman on the street.

The case of Cork brokerage firm Andrew Casey Life and Pensions, which involves complaints believed to total £300,000 - and possibly more - is a case in point. The Central Bank has determined that the firm is unable to meet its obligations and will be informing clients of their rights under the Investor Compensation Act, 1998.

However, this legislation was introduced last year and some of the complaints received by the Garda are understood to concern investments going back to the earlier part of the 1990s. As the legislation is not believed to cover clients of insurance intermediaries who invested prior to August 1st, 1998, Mr Casey's clients may not be eligible for compensation.