Paying financial advice fee unpopular

Thousands of consumers look set to miss out on financial advice when new rules come into force because they don't want to pay for it, research suggests.

Less than a third of people said they would be prepared to pay an upfront fee to receive help with their finances, according to accountants KPMG.

People can currently pay for financial advice through an upfront fee or through commission paid on products they buy.

But under the Financial Services Authority's Retail Distribution Review, which comes into force at the end of 2012, all advisers will have to be paid through a fee - typically charged at 75 to 250 an hour.