Legal & General chief executive Tim Breedon says the cost of distribution and regulation must come down to allow providers to manufacture simple, cheap savings and insurance products.
He said consumers need greater access to simple products to encourage them to save.
Breedon said: “L&G has long been a pioneer of low-cost and simple insurance and savings products but when we look at the costs and complexity of products, these are not choices of the manufacturer, they are the costs of distribution, and particularly the cost of advice, and the cost of regulation.”
He said the restructure of regulation presents an opportunity to address distribution and regulation barriers.
He said: “Otherwise, no matter how simply we manufacture our products, we will not be able to get simple products at the right price to the right customers.”