The Consumer Panel believes that access to the appropriate level of financial advice is key to greater consumer protection and understanding of financial services.

In July 2002, the Panel called on the Government to undertake a feasibility study into the provision of a centrally funded financial planning advice service. This would be for "first stage" advice to help consumers understand their needs, whether these are saving more, paying off debts, or taking out a life protection policy.

This still remains the Panel's view, and members are continuing to raise it in discussion with HM Treasury about how they intend to take forward the findings of the Sandler Review of Medium and Long Term Savings, published in Summer 2002.

The Panel also believes that it must be made clear to consumers when they are being given regulated advice - with the benefits of consumer protection safeguards - and when they are not. Therefore, many of the Panel's responses to FSA consultations (including the future regulation of mortgages) will contain references to the need to ensure advice to the consumer is dealt with appropriately.