General Insurance Article - Comment by Royal London on Financial Advice Market

 “Royal London welcomes the government’s announcement for a review of access to financial advice and the effectiveness of the current regulatory framework.

 While initiatives such as auto-enrolment provide an important foundation towards building a savings culture in the UK, action is still needed to create a more financially resilient and secure society.

 Access to regulated financial advice should be more readily available to all UK consumers. Different consumers have different requirements and so we hope the review will provide advisers with solutions that allow them to offer a cost-effective service to all their clients, including those with simpler needs. It will be important for the resulting regulation to strike a balance between safeguarding consumers and ensuring that advisers are not prevented from offering affordable high quality financial advice.

 Royal London would also welcome the introduction of a single financial education service which could work alongside existing initiatives to build financial literacy and provide the bedrock for strengthening the nation’s financial education.”