RDR will increase overall cost of advice, providers warn

According to the report, these figures could be down to the bancassurer's core proposition to provide advice to the mass market.

However, the survey revealed that providers felt the ability to deliver sound financial and trusted advice was more important than access to it.

The survey said: "More should be done to focus on the vast numbers of non 'wealthy' people who really would benefit from some financial planning support… with representatives who are sufficiently educated in financial matters and follow quality advice processes… something like 'the modern man from the Pru.'"

Elsewhere, the research also found that there was clearly some concern regarding timescales for implementation of the RDR proposals with 60 per cent of respondents suggesting there was only just enough time available to meet the 2012 deadline.

"Critical to achieving the 2012 timeline is the FSA issuing new rules in 2010. Any delay in this will mean the timescale will be difficult to achieve," the report said.

The next consultation paper on the RDR is due out later this month.