Banks urge Sants to back 'simplified advice' model

BBA chief executive Angela Knight warns Sants the RDR's aim to create a market "which allows more consumers to have their needs and wants addressed" is in danger of not being met by the reforms. Instead, it is pushing the simplified advice model as a solution. This would focus on meeting "straightforward" savings, investment and protection needs more cost-effectively than full advice. The model would be tailored for smaller transaction sizes in a highly automated service, but would still deliver suitable, personal recommendations to customers with acceptable risks and safeguards,...