New site promotes online advice offerings

A website providing details of online financial advice offerings has been launched.

Guide to Advice, aimed mainly at consumers, provides a searchable financial adviser directory, financial news and regulation updates and a newsletter.

Although the site will not itself provide advice, it will critique each advisory business featured on its own site, list the services on offer, and score each one according to ease of use.

The site will include analysis of independent, restricted and simplified financial advice, money coaching or execution-only services.

It aims to become a supported distribution channel for providers of online guidance, financial advice and products.

Kim North, technical head, said: "With the forthcoming FSA-enforced adviser fees, to be adopted by the majority of financial advisers, it is estimated that 30 million UK based people will not be able to afford to pay for face to face financial adviser fees [and so will look for advice online].

"In addition, the Retail Distribution Review brings in more financial adviser categories than ever before, making the choice more complicated for consumers.

"Any initiative that helps consumers understand their financial planning choices on or off line should be fully supported," she concluded.