The Money Advice Service chairman Gerard Lemos has hit back at critics of the industry-funded service, claiming it is inconceivable that IFAs could reach its target market after the RDR.
The launch of the MAS in April, funded by a statutory industry levy, was met with concern from sections of the IFA community that it could result in a loss of business.
At the ABI biennial conference, Lemos said: “About half the UK population would benefit from free advice and that is the advice gap that we are aiming to fill. It seems to me inconceivable that independent financial advisers can reach that market after the RDR.”
Lemos said the MAS would allow providers to use the behavioural information it collects from users to aid product development. He said: “We know we owe the industry a debt of gratitude for the levy. We will have, over time, millions of users and the best metrics available on customer behaviour. We hope to use that information to work with the industry on product development and innovation.”