32% of consumers are likely to do their own financial planning and product research to avoid paying fees for advice following the implementation of the Retail Distribution Review (RDR).

A survey of more than 2,000 UK adults conducted for Deloitte by YouGov also found that 27% would go direct to the product provider having made their own product choices.

However, only 31% of consumers are confident they have enough knowledge to choose the right financial products.

Andrew Power, lead RDR partner at Deloitte, said: “About a third of consumers will start doing their own financial planning and research rather than pay the adviser charges that will apply from December 2012. This poses a big challenge for banks, insurers and fund managers and they will have to rethink how they deal directly with consumers. Over the next five years UK-based providers will have to develop and introduce direct-to-consumer business models.

“Large numbers of consumers are not confident they have enough knowledge to make the right financial decisions and so any direct-to-consumer business model must be kept simple and low-cost. There is a risk that consumers who do their own research may not buy the right products – keeping longer term savings in cash, or making investments that are too risky, for example. Providers will need to develop websites that provide accessible guidance and financial education.”

James O’Riordan, lead insurance partner at Deloitte, added: “Consumers will change their buying behaviour following these regulatory changes and product providers will have to use improved segmentation strategies to understand how to reach them.

“Affluent consumers may be highly sensitive to direct charges, but, with their large sums at stake, still take advice despite the new fees.”