Up to 11 million additional people could seek financial advice if the aims of the retail distribution review (RDR) are explained to them properly, the Chartered Insurance Institute (CII) estimates.
Research commissioned by the organisation found 81% of the public does not know about the new qualification requirements, while 80% are unaware of how the changes will affect the way financial advisers are paid. However, once the outcomes of RDR were explained to them, 33% of those who do not currently take financial advice - equating, the CII estimated, to some 11 million people - said they would consider doing so. Among the 25-34 year old age group, 48% said they would consider financial advice, while the corresponding figure for those within the social grade C2 (skilled manual work...
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