FOR IMMEDIATE RELEASE
The UK finance sector faces a problem: how can it reach out to the 16 million savers currently stuck in the “financial advice gap”?
The gap affects those who would like to receive financial advice, but either find the services too expensive or have too little money to be worth a financial advisors time. This has be highlighted by the FCA as one of the biggest challenges for the UK financial market.
“The UK is heading into a crisis caused by overregulation and lack of education on personal finances. A huge proportion of the UK do not feel confident enough to make their own investment decisions but are being squeezed out of professional financial advice due to high costs and lack of trust,” said Jonathan Roy, of Investment Superstore.
Whilst several factors have contributed to the problem, the gap has widened significantly since the introduction of the RDR three years ago. A series of reforms designed to make financial advisory services more transparent have also meant that financial advice is more is expensive, and not always cost-effective.
“Government regulations such as RDR have backfired and alienated around 16 million individuals,” Roy continued. “The time has come for an impartial private organisation to step in and help investors plan for their financial future.”
New online services have been lauded as the best way to tackle the problem. Sites such as Investment Superstore are enhancing savers access to a wide range of information and news, almost always free, that can help self-directed investors plan for their financial future.
Roy said: “We are setting about empowering people of all experiences by providing online portals where they can find free financial information and compare some of the leading services available to self-directed investors.”
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Investment Superstore is a one-stop shop for self-guided investors. Including tips & guides, service comparisons, tools & calculators and investment books.