The RDR will only improve outcomes for wealthy customers who already use financial advice services, according to Aegon.
Speaking today, chief executive Otto Thoresen says the Government and the FSA need to do more to widen access to advice as part of their reform of UK regulation.
He says the current shape of the RDR could result in a smaller financial services market, with financial advice, long-term savings and protection only available to the well off.
"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'," Thoresen explains.
""Some might say financial capability and financial education are a luxury in these times of economic crisis but I believe they are more important than ever. And when the economy starts to recover Money Guidance will be vital in helping people make the right decisions for the future."
Aegon wants the UK advice sector to be widened, in conjunction with Money Guidance and other financial capability initiatives, in order to ensure financial knowledge and education can flourish for the benefit of the UK economy.
Thoresen has called on the Government to "build on existing reforms and increase access to professional advice, making it available to the mass market."
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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