Wealth management and financial advice trade association PIMFA believes there should be wider access to advice.

It has called on the Government and the Financial Conduct Authority (FCA) to work towards the creation of a simpler advice model that reaches more UK consumers.

Those on lower incomes are far less likely to access professional advice because of the cost of doing so, despite the fact that they benefit most from advice in the long term, PIMFA argues.

PIMFA b...