Most (76%) felt streamlined advice should be impartial, with advisers worrying about banks and providers filling the advice gap with non-impartial services.
Two thirds (64%) of advisers don’t expect the Financial Advice Market Review to close the later life advice gap, Royal London research has revealed.
Most (76%) felt streamlined advice should be impartial, with advisers worrying about banks and providers filling the advice gap with non-impartial services.
The FAMR recommended for people to be able to dip into their pension pots to pay for advice before retiring, for regulated advice to be redefined as a personal recommendation and for a 15-year long stop when it comes to financial complaints.
Fiona Tait, pension specialist at Royal London, said: “Delivered at key stages in an individual’s life, impartial advice has proven its worth again and again.
“Some consumers, such as high net worth individuals, are well served by access to impartial advice.
“For others there needs to be a clear distinction between the services offered by impartial advisers and the ‘advice or guidance’ services offered and proposed by some product providers and banks.
“The positive impact of having access to truly impartial financial advice needs to be better communicated and understood.”
