More than two thirds of consumers support the RDR and say it would make them more likely to seek professional advice.

According to a survey of over 2,000 people carried out by YouGov for the Institute of Financial Planning, the regulatory changes will increase professionalism in financial advice and provide more transparency on fees and charges.

The findings are the results of a poll conducted for the IFP’s Financial Planning Week which runs all this week.

Some 69 per cent of people said they would have more confidence to seek financial advice after the RDR.

Those in the 25-34 year old and 45-54 year old categories had the highest percentages of increased confidence.

There have previously been doubts about whether consumers would be willing to pay for advice and understand the value they would get from it.

Marlene Shalton FIFP CFP^CM, President of the IFP and Financial Planner at Bluefin Wealth Management, said: “This result does somehow negate the myth that Brits are not prepared to pay for professional advice.

“It indicates that people will have greater confidence to seek professional advice as long as it’s from a suitably qualified adviser, that they can see the value to be gained from the process and are provided with costs that are transparent.”

Nick Cann, chief executive of the IFP, said: “This result proves people are very positive about the regulatory changes that lie ahead. With so many people struggling to get to grips with their finances, it is encouraging to see that people will have greater confidence to take professional advice in the future.”