All regulated financial advisers could be included on a new directory being set up by the Money Advice Service (MAS) after the industry and consumers gave the green light to the project.
Plans for the directory had initially been limited to retirement advisers, to coincide with the roll out of government reforms that mean all those approaching retirement will have access to financial guidance from April 2015.
But following an industry-wide consultation, now an independent panel will rule on whether the directory should contain details only of retirement specialists, or be opened up to include all advisers, and under what criteria.
The panel will also be asked to agree on how fees and charges can best be incorporated into the directory, so that consumers can compare the costs of product and services more accurately.
Given there are a number of directories in existence already it would seem an unfortunate waste of other people's money if MAS were to now decide to build yet another directory from scratch
The aim of the directory is to make it easier for consumers to find a regulated financial adviser as they approach retirement and beyond.
Advisers will not have to pay to be listed in the directory, which will be built and hosted within the MAS' existing site.
However the MAS has yet to reveal how much the project, which will be paid for by the industry, will cost, and some have questioned the need for yet another list of advisers.
"Given that there are a number of directories in existence already, such as the one developed by Pension Income Choice Association (PICA) specifically to address this question, as well as Unbiased, it would seem an unfortunate waste of other people's money if MAS were to now decide to build yet another directory from scratch," said Hargreaves Lansdown's head of pension research Tom McPhail.
The MAS chief executive Caroline Rookes said the body was "very pleased" that its proposal for "an independent, impartial, and non-commercial financial adviser directory" has received support from the industry and consumers.
"The new adviser directory will help many people access specialist advice based on their individual circumstances. We look forward to working with the advice community to help make consumers' transition from guidance to regulated advice as seamless as possible."
Association of Professional Financial Advisers (APFA) director general Chris Hannant added that he welcomed the proposals.
"An impartial and effective directory will be important to securing an effective handover from the guidance guarantee to financial advisers.
"We will work with the Service to ensure that the directory's criteria are effective in delivering this, and helps link consumers that need advice to those that are capable of delivering it."
