ABI publishes proposals on simplified financial advice
The Association of British Insurers’ (ABI) latest response to the Retail Distribution Review (RDR) comes in the form of proposals designed to give consumers better access to simple and affordable financial advice.
In a policy paper entitled “Increasing consumer access to advice” the ABI reaffirms its support for the Financial Services Authority’s RDR but warns that it could end up restricting consumer access to advice.
With the cost of full financial advice estimated at £670, and therefore beyond the reach of two-thirds of the UK adult population, the Association is calling for the introduction of a simplified process.
According to the body, simplified advice that delivers good outcomes has a number of benefits to consumers, including:
Faster and more affordable advice – a simplified advice process could provide a personal recommendation in 30 to 45 minutes.
Services available via the Internet, over the phone or face-to-face that would work by using facilitators to guide consumers through pre-determined questions.
The body’s director of Life & Savings, Maggie Craig, says: “While there are barriers to providing simplified advice, they can and must be overcome.”
Category: ABI News, Financial Services Authority News
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