CII Believe 11 Million More People Could Seek Financial Advice if RDR is Explained Properly

According to the Chartered Insurance Institute (CII), about 11 million people could seek financial advice of the implications of the upcoming retail distribution review (RDR) are explained to them properly. The CII recently carried out research which found that 81% of the public don't know about the new qualification requirements it will bring in, while 80% also admitted to being unaware of how the changes will affect financial advisers and how much they are paid. The most important part of the survey, at least in the CII's view, was that a third of people stated that they would likely seek financial advice if they had the full implications of the RDR explained to them, adding up to an estimate of around 11 million people seeking financial advice. This number was increased in the 25-34 age group, of whom 48% claimed that they would seek financial advice if given further information about RDR. David Thomson, director of policy and public affairs at the CII, commented "It's clear that to engage the public and be successful, the RDR should be communicated clearly to a broad consumer audience. "We believe the onus for communicating the key elements of the RDR lies with the Money Advice Service - which provides an independent and impartial platform from which to educate consumers."
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