Better investor defences may fill advice gap - Axa's Willoughby

Added 2nd June 2016

Some form of state-provided consumer protection covering financial products is needed to overcome the "advice gap" in the UK, says Simon Willoughby, head of Proposition for Axa Wealth International.

Willoughby says that one of the unintended consequences of RDR in the UK has been the growth in the numbers of people excluded from obtaining affordable financial advice.

He believes the way forward could be for the market to distinguish between "best advice", which may attract high fees, and "good enough advice" in which advisers would ensure products sold to clients met a basic suitability criteria.

Under this proposal, he says, products sold in this way should carry some form of state-backed consumer protection features, which the client can rely on.

 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Richard Hubbard

Group Editor

Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

Features

Why advisers need to ‘keep their mouths shut’

Why advisers need to ‘keep their mouths shut’Lock icon

Award-winning adviser and author Deena Katz outlines the importance of conversation, academic training and the rise of fee-based advice in the US.

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA Portfolio Bond & Tax Planning Forum Birmingham 2017
IA Portfolio Bond & Tax Planning Forum Birmingham 2017

Tuesday 20 June
The Hyatt Regency, Birmingham

 

IA International Fund Links Forum 2017
IA International Fund Links Forum 2017

Wednesday 14 September

The Langham, London

IA Best Practice Adviser Awards Europe 2017
IA Best Practice Adviser Awards Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Future Advisory Forum Europe 2017
IA Future Advisory Forum Europe 2017

Thursday 28 September
The Waldorf Hilton, London

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...