The industry must remove barriers to saving and investing so consumers can make informed decisions about their long-term savings, Axa Wealth’s chief executive has said.
Mike Kellard said he welcomed the recent Budget revelations, which mean that consumers have more freedom than ever before when it comes to long-term savings.
However, he warned that this must be matched by an industry “willing to make changes”.
Mr Kellard said: “For too long, our industry has made it hard for people to invest, through jargon and lack of transparency, saying that consumers need to take control and take action.
“Investing must be made more straightforward. Barriers such as exit fees and switching fees should be removed. Choice and flexibility will be key for product development, with a focus on adaptability to meet the needs of different life stages.”
Mr Kellard said the industry has a better opportunity now than ever before to “engage and enthuse the public into believing we have something to offer”.
Adviser view
Mark Ireland, financial planning consultant at Hertfordshire-based Richmond House Financial Services, said: “All the clients I’ve spoken to recently are enthused by the greater flexibility, control and tax efficiency available in pensions and Isas. But it’s hard to imagine that those with little money see any benefit in this new world; they likely feel distanced from the opportunities made available to the ‘haves’.”
