The emergence of simplified products will need to be clear on target consumer and its impact on more complex product advice, Avelo has said.
Paul Yates, strategy & product development director at the software provider, saidimproving accessibility to suitable products was crucial for the future of effective future distribution.
He said, in response to the steering group report Review of Simple Financial Products: "There's certainly no current shortage of complex products to meet complex needs, simpler products for people with straightforward needs, by contrast are in relatively short supply.
"In the past, we have dictated the design of ‘simpler' products and these have not always been successful. To change the outcomes this time, we need to start with the consumer - clearly understand the people these products are aimed at and think about where and how they will be offered and bought."
He stressed the industry needed to understand how the products would fit with and impact advice on more sophisticated products.
