It laid out 28 recommendations, including work to redefine advice along Mifid lines and based upon a personal recommendation, along with the Financial Conduct Authority being urged to create a dedicated robo-advice unit; the latter being launched earlier this month.
Marlene Outrim, managing director of Uniq Family Wealth, said: “I really question why we should go back to a bygone era. The problem with those old products that were rigid in design and complex in their ability to achieve proper benefits.
“This was why many of them had to be terminated over the years and replaced with something more flexible, transparent, easy to understand and with lower charges.
“I believe that we have to move forward and make greater use of technology so that we can provide basic offerings in volume, in a way that is easy to access, straightforward and affordable”.