Potentially hundreds of senior Australian financial advisers could leave the industry if they are forced by the government to upskill, according to the country’s Stockbrokers and Financial Advisers Association (Safaa).
Half of UK clients would prefer to pay a fixed rate for a standard piece of advice work, such as setting up a pension, but almost a quarter want the return of traditional commission.
Robo-advice and investment service Munnypot said it plans to launch a financial advice service to the UK market in the autumn that offers straightforward advice using simple language.
A recent survey by HSBC showed that 50% of its clients currently fear retirement.
Mass affluent investors are more likely to use a robo-advice service in place of a human financial adviser than higher net worth individuals or institutions, according to a survey by Australia’s Chartered Financial Analyst (CFA) institute.
The Treasury and the Financial Conduct Authority (FCA) have jointly initiated a consultation to “radically improve” the access and affordability of financial advice in the UK, the first step in a major review of the industry.
The UK Government needs to address “unfair rules” which mean advisers face uncapped liability until death, the Association of Professional Financial Advisers (APFA) said in its response to the launch of a Financial Advice Market Review.
European regulators have come under fire from industry professionals for not doing enough to protect consumers.
The gap in the availability of UK defined benefit pension advice is growing as advice firms struggle to get professional indemnity insurance and significant players leave the market.
