While some fear that the UK regulator’s Retail Distribution Review will cause millions to fall into an “advice gap” after its implementation, a new survey has found that the RDR will actually give over half of consumers added confidence to seek financial advice.

The YouGov poll, carried out in association with Liontrust Asset Management, found that 53 per cent of respondents will feel more confident about seeking professional financial advice once the RDR comes into force on 31 December. Interestingly, however, there seems to be heightened wariness of financial advisors in certain regions: while 62 per cent of people in London said they will feel more comfortable seeking financial advice post-RDR, this figure was only 47 per cent in the Midlands.

Commentary on the possible consequences of the RDR reform programme has been mixed in the past few months, with several firms warning that consumers could actually end up losing out as a result. In October Deloitte warned that the RDR could lead to a staggering 5.5 million investors becoming financial advice “orphans” because they are simply unwilling or unable to pay advisor charges (the RDR will ban commission payments). Commentators have also warned that advisors could begin to shun lower-end clients since serving them post-RDR will not be cost-effective.

In contrast, a recent study by the Financial Services Authority suggested that these fears are seriously overblown. The UK regulator found that 63 per cent of advisors said they are going to keep on clients with savings and investments of between £20,000 (around $32,000) and £75,000. Even more heartening was the fact that 38 per cent said they would retain clients with less than £20,000.