Only 42 per cent of Chartered Insurance Institute members believe the Retail Distribution Review will lead to a more professional financial services industry.
A recent survey, conducted with over 800 of the CII’s members, found only 21 per cent believed the RDR would improve how consumers perceive the industry.
The survey also found only 6 per cent of CII members had actually read the proposals and 65 per cent had not even read a summary of the review.
The majority said they had formed their opinions based on media coverage and the views of friends and colleagues.
Personal Finance Society chief executive Tim Eadon says: “These results show there is still a need to further educate and help those who need to prepare for the impact of the RDR and plan what they need to do as the process develops.”
The CII will repeat this survey every 4 to 6 weeks for at least the next year to gauge whether opinions change.