Zurich UK Life intermediary sales director Richard Howells says he is not convinced that the RDR proposals will improve consumer confidence.
He says: “The FSA needs to set out proposals that help the consumer clearly see the value of taking advice as well as what options are available if they do not take advice. How are the current proposals going to meet these objectives?” He says consumer research is needed to understand how consumers can better engage in financial services.
The regulator says it will include results of its consumer research in the June RDR consultation paper.
Paladin Financial Services managing director Tim Purdon says: “Consumers are going to be even more confused about who is offering what services. How will they be able to understand the different types of advice?”