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RDR does not improve access to advice, says Aegon

Aegon UK chief executive Otto Thoresen will criticise the FSA for failing to do more under the retail distribution review to widen access to financial advice at a Resolution Foundation conference today.

Speaking at the financial education event, Thoresen will call on the Government and FSA to extend the focus of financial services reforms beyond the existing market.

He will say the retail distribution review does little to widen access to advice for the average consumer.

Thoresen will also urge the Government to build on existing reforms and increase access to professional advice for the mass market in its forthcoming white paper on financial services.

Thoresen will say: “The retail distribution review should be commended for what it does for the ‘haves’ but it has little to say about access to the market for the ‘have nots’ or the ‘could haves’. One of the most important challenges is how money guidance will fit into the wider landscape and I am concerned the current RDR package will result in a smaller market, with advice and long term savings and protection the exclusive preserve of the well-off.

“The Government, FSA and we in the industry must do all we can to make sure there is access for the mass market to be able to get the products and services that are right for them and that they need.”

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