I understand that you believe no advice is required for stakeholder. I would like to point out that many middle-class people, such as yourself, who are financially aware do not require investment advice.
However, the bulk of working-class people in this country do not understand financial affairs and will not commit to financial products without face-to-face recommendations from a financial adviser.
Company directors and other wealthy individuals will be able to afford to pay high hourly rates for independent financial advice and will maximise benefits. The majority of working class people will not be able to pay for independent financial advice and therefore, they will not receive any.
The existing system of commission IFAs from the insurance company allows these people to receive independent financial advice without being unduly penalised.
Products have come a long way in the last few years and are now extremely competitive while still containing an appropriate remuneration for financial advice. To totally break this relationship will mean procrastination for the majority of working class people. This will inevitably increase the burden on the state and lower the standard of living in the UK.
You should reconsider your statement that stakeholder pensions do not require advice.
Chase Financial Services, Bicester, Oxon