A new survey has shown 75% of independent financial advisers in the UK believe the so-called green shoots of recovery are no more than a bear-market rally.

As the FTSE 100 index nears a four month high of 4396 at yesterday's close, cynicism still pervades the industry. In the poll of 254 IFAs compiled by 1st-The Exchange, an information provider, only a quarter said the recovery was the beginning of a new bull market.