Consumers are likely to reject simplified advice and advice where they must pay a fee upfront, research from the Association of British Insurers suggests.
According to the ABI's latest quarterly consumer survey, 74% of consumers said they are not likely or very unlikely to use a cheaper, simplified advice service. However, 92% said they were not likely or very unlikely to use a comprehensive advice service priced at £670. The statistics come after the Financial Services Authority (FSA) published a consultation paper on simplified advice in September. Elsewhere the ABI research suggested most consumers would not use independent financial advice if they were forced to pay fees upfront for it. Of a sample of 2,561 respondents, 70% sa...
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