A consumer survey assessing awareness of the financial advice market changes and the potential benefits of this market.
In 2011, the CII conducted a survey assessing public understanding of the RDR changes. This new report, reflecting survey work conducted just after the RDR came into force, updates these findings shows that at least 5.3 million consumers who had previously rejected advice may reconsider it as a result of the changes.
- Awareness of the RDR changes has increased since 2011 but still more work is needed.
- Financial situation and the desire to self-advise are the main reasons people haven't received advice.
- Knowledge of the RDR changes among the unadvised population could bring at least 5 million new customers to this market.
- Advised customers are very positive about the RDR.