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RDR Interim Report: Advice gap could worsen, warns Aegon

The FSA’s proposals distinguishing between advice and sales risk leaving millions of people without access to professional financial advice, says Aegon.

Aegon says lack of consumer access to affordable advice was one of the key problems highlighted last June, but Aegon says proposals for a single advice model puts greater emphasis on building the sales side, rather than closing the advice gap.

Aegon head of corporate affairs Francis McGee says: “Having been told their original ideas were too complicated, the FSA has now gone for extreme simplicity. But they immediately clock the risks in this – a smaller professional advice market overall and disruption to millions of customers’ existing relationships.

“We must not focus on building the sales side at the expense of the advice side. One of the original aims of this review was to bring affordable advice within the reach of more people. But the headline option for a simplified market leaves a huge gap between regulated independent advice and non-advised sales and Money Guidance.”

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