Various groups and organisations, including Cass Business School, the FCA and Citizens Advice have highlighted a perceived advice gap in the UK market. This survey from the IFoA’s Advice Gap Working Party aims to canvass thoughts and opinions on the extent and effects of this advice gap. This is an opportunity to produce thought leadership that can be used to inform Government, the market and consumer groups. A key objective is to demonstrate how adverse consequences of the advice gap could be mitigated if the ideas and conclusions of the Working Party’s research are followed.
 
Your individual answers are not attributable and will not be shared with anyone outside of the Working Party.
 
The survey will take approximately 5-10 minutes to complete.
The Working Party thank you in advance for your help.

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* 1. On a scale of 1-5 (1 not at all to 5 very well), do you think the current distribution and advisory system meet the needs of the consumer well?

1 5
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i We adjusted the number you entered based on the slider’s scale.

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* 2. What do you think could be done to improve the current distribution and advisory system to better meet the needs of the consumer?

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* 3. Has your company increased wealth or income limits for providing advisory services following the Retail Distribution Review?

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* 4. Do you believe there is a gap in the market for advice? 

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* 5. Is this gap for all areas of advice, or for specific sections of the market only?

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* 6. If for specific sections of the market only, which?

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* 7. Do you believe the ban on commissions has been beneficial or detrimental for (Life insurance) sales?

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* 8. Does your company own its’ own distribution company?

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* 9. How does owning/not owning your own distribution company drive product development and/or impact the advice gap?

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* 10. Do you believe that the current consolidation in the market is impacting product development and the advice gap?

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* 11. Do you have any additional comments to share on the impact on product development and/or the advice gap of consolidation in the market?

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* 12. Has your company noted a change in the segmentation of customers since the Retail Distribution Review (e.g. by age, wealth, income profile or geography)?

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* 13. If you answered Yes to Q12, which areas have you noticed segmentation by? (please select all that apply)

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* 14. Would you support a move to reintroduce commissions for (Life insurance) sales?

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* 15. Various groups and organisations have highlighted a perceived Advice Gap in the Market.  Are there any specific changes you would recommend which could ensure that all customers could receive professional financial advice in a cost-effective manner?

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* 16. Do you have any final thoughts or comments on the advice gap you would like to share with the working party?

 
 100% of survey complete.

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