Advisers have given the Treasury's simple products initiative a tentative thumbs up while recognising that the financial services industry is overly complicated.
However, IFAs raised concerns about how the products will be used and were divided over potential negative impacts on their businesses. The Treasury's steering group will examine how to bring simple products to market, including how they should be structured and marketed to ensure consumers get the most appropriate deal. According to a poll by Avelo, nearly three quarters of all IFAs have positive feelings towards simple products, but the scale of this approval is split. A quarter (25%) said the initiative was great news and long overdue, while almost half (43%) said they had a rol...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes