At an Aegon and Social Market Foundation event at the Labour conference, McGee said although the retail distribution review will address a lot of issues in the market, it will not increase potential new channels of engagement for consumers.
He said: “There are a whole bunch of different types of services that people want but cannot get because of the regulatory framework and because of the way that the industry has thought about these things.”
McGee said Aegon and the Chartered Insurance Institute carried out research a year ago which identified five key types of financial services concepts that consumers would like to see in the market. They were: a financial guru, akin to a post-RDR IFA; a financial drop-in centre, much like money guidance; a personal shopper; a financial superstore and a financial coach for groups, based on the Weight Watchers’ model. But McGee says the problem is that the people providing these services would almost all have to be regulated to give advice.
He said: “It is no good just providing people with more of the stuff we think they would like, we have got good, hard information about what people would approach, would engage with and we need to find a way in which the ind- ustry and the regulator can create an environment to let this happen.”