Financial advice 'should be easier'
An insurers' group has recommended that accessing financial advice should made easier, to allow more people benefit from expert help.
The Association of British Insurers (ABI) said people need help managing their money, and financial advice should be simpler, faster and more affordable.
This means providing a consultation and recommendation in 30 to 45 minutes, with automated services over the internet and phone, guided by experts, to facilitate easier access.
At present, a full consultation with a financial adviser can take seven hours and 40 minutes, the association found. And consumers can be expected to pay out about £670 for advice why they are buying financial products, which means many cannot afford it.
The ABI also warned that the number of advisers could be cut following a review by the Financial Services Authority, further increasing the cost of services.
Maggie Craig, the ABI's director of life and savings, said: "Every consumer should have access to affordable, credible financial advice.
"While there are barriers to providing simplified advice, they can and must be overcome.
"We look forward to continuing to work with the Financial Services Authority to help firms develop these simplified advice services and offer them to consumers."