The industry has to find new ways of providing low-cost advice on an ‘industrial scale' after the Retail Distribution Review (RDR), Scottish Widows has said.
The provider said more people want financial advice than have access to a financial adviser at present - and the situation was likely to be made worse by RDR.
Its Workplace Pensions Report 2012 said: "Advisers should offer a flexible post-RDR model to ensure employers and employees are provided with appropriate guidance and advice at all levels. However, more people want financial advice than have access to a financial adviser at present.
"This represents an advice gap which is likely to grow as a result of RDR. The solution to this lies in the industry finding new ways of getting low cost advice to employees on an industrial scale."
The business said the Money Advice Service and The Pensions Advisory Service would have a role to play, alongside the current regulated advice market.
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