Insurers Call On FCA To Reshape Financial Advice Rules

Law360, London (November 18, 2020, 12:50 PM GMT) -- British insurers called on the Financial Conduct Authority on Wednesday to help make financial advice simpler and more accessible after a survey found that almost three in four people will not pay for counseling about their money.

Pension providers can give consumers limited financial guidance under existing arrangements. But changes to the rules are needed so that consumers can get simpler and more affordable advice, the Association of British Insurers said.

A poll by the trade association found that 72% of savers will not pay for advice. It also suggested that people have mixed views on how they get financial guidance...

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