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.

 

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Richard Hubbard

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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.

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