MPs may reconsider financial advice rules The number of bank advisers fell 44pc to 4,800 when the new rules were introduced, and the number of financial advisers fell 20pc to around 20,000. Most claimed customers were unwilling or unable to pay fees for financial advice. Research by Unbiased.co.uk, the website which links consumers to a range of professional advisers, researched the average fees charged by independent advisers to meet a range of commonly-required financial objectives. It said an initial meeting and financial review costs around £500, while investing £50,000 will cost around £1,500. Mr Garnier, who is a member of the select committee, has been concerned about the impact of the reforms for some time. In 2011, he called for them to be delayed but this was rebuffed by the city regulator. Last October, Mr Garneier accused the regulator of making a "pig's ear" of the reforms, dubbed the Retail Distribution Review (RDR). Speaking to trade title Money Marketing, Mr Garnier said: "This is something I personally feel very strongly about. My benchmark is can the savers who are putting away £50 to £100 a month get access to good independent financial advice. If the RDR has resulted in people being denied that access, then against my benchmark clearly the RDR has failed. The select committee said it is considering whether to carry out an inquiry. Some customers who no longer have access to financial advice, or do not want to pay fees, are turning to DIY services for their investments. Ian Gorham, chief executive of Hargreaves Lansdown, said this week that the new rules have resulted in a "flood of transfers of assets and clients" to Hargreaves" DIY service from advisory businesses. But he added the business has also seen an increase in demand for its fee-based financial advice business, as more advice firms close their doors, leaving clients in search of a new adviser. Don't miss: 'I've ditched my adviser - now I use a low-cost broker' For investing tips: sign up to our weekly email