The Financial Advice Market Review will not help to reduce the advice gap, according to 64% of advisers who took part in a survey.

Research suggested more than six out of ten advisers believe that the recommendations would fail to achieve that objective.

The poll of pension advisers using Royal London’s dedicated adviser website was based on 138 responses.

Two-thirds did not believe that the FAMR proposals, as they stand, would improve their business.

FAMR concluded that there was a “clear need for intervention” in the advice market from the FCA and government, and recommended a change in how regulated advice is defined.

The panel called for the Government to consult on changes to legislation to “narrow the definition of regulated advice so that it is based on a personal recommendation”.

They said this would make financial advice and guidance more affordable for consumers.

Crucially, this would create a single definition for regulated financial advice and remove some of the barriers that exist for firms wishing to offer guidance services.

Over three quarters (76%) of respondents agreed with the statement that ‘streamlined advice’ should be impartial.

Fiona Tait, pension specialist at Royal London, commenting on the findings said: “Delivered at key stages in an individual’s life, impartial advice has proven its worth again and again. Some consumers, such as high net worth individuals, are well served by access to impartial advice.

“For others there needs to be a clear distinction between the services offered by impartial advisers and the ‘advice or guidance’ services offered and proposed by some product providers and banks. The positive impact of having access to truly impartial financial advice needs to be better communicated and understood.”