The Association of Independent Financial Advisers (AIFA) has warned that the Financial Services Bill must provide access to advice to benefit consumers.

Stephen Gay, director general of AIFA made the call as he provided evidence to the Joint Select Committee on the Draft Financial Services Bill.

After the sessions Gay said: ” There is still significant work to be done in some areas of the Financial Services Bill.The aggregate cost of regulation is too burdensome for the profession and risks limiting consumers’ access to advice by forcing people out of the profession. We are concerned that the Bill fails to recognise and address this.