Depolarisation will only go so far without the vision for following through the reform process the A...
Depolarisation will only go so far without the vision for following through the reform process the Association of British Insurers (ABI) says.
The association has made the comments as part of its response to the FSA's consultation paper on the issue.
The ABI says the key issue is to make sure that those who want to get access to face-to-face meetings with financial advisers, as this has proven the best way to get people to save more for retirement.
The association notes that some 11 million households are considered "uneconomical" in terms of the income they can generate for financial advisers.
The FSA should strip away more red tape to make it more economical to provide services to these households, the ABI says.
The ABI is most critical of the FSA's proposed definition of independent financial advice, saying it will instead restrict choice for consumers and reduce the supply of independent advice.
There should also be more financial advice available in the workplace, the ABI says.
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