ABI: Consumers will benefit from financial advice reforms

Consumers, potentially including those looking to save for their retirement, will benefit from reforms to the financial advice industry, a trade association has said.

According to Stephen Haddrill, director-general of the Association of British Insurers (ABI), if the correct outcome of a retail distribution review current being undertaken is reached, people will experience benefits in the way they access and pay for such advice.

He said: "Improving access to advice and raising confidence in those who give it will get more people saving for the long-term, protecting their finances and securing the best value income in retirement."

Currently the Financial Services Authority is looking at ways of ensuring people who seek financial advice are met with clearer payment structures and at increasing professionalism in the industry.

Research published recently by IFA Life suggested that websites are increasingly encouraging people, possibly including those interested in investing in stakeholder pensions, to make use of independent financial advisors.