Consumer Panel welcomes Treasury action on generic financial advice

15 January

In response to today's announcement from the Treasury, John Howard, Chairman of the Financial Services Consumer Panel said:

"We are particularly pleased that the Government has acknowledged the widespread need for general financial advice in setting up the taskforce announced today.

"With the Government's planned move to personal accounts for pensions, more and more of the responsibility for long term financial decisions is being given to consumers. This can only work if people have the support and advice to understand the decisions which they are having to take.

"We have been saying for some time that there needs to be a simple generic advice service to help people's confidence in savings and to enable people to make better decisions. We are glad to see the Government's commitment to an action plan on generic financial advice by the end of this year. However, there must be no delay, and generic advice must be in place before people have to take decisions on personal accounts from 2012."

Notes to editors

1. Ed Balls, Economic Secretary to the Treasury, launched the Government's long term approach to financial capability today 15th January 2007. For further details see HM Treasury
   

2. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives. The Consumer Panel has statutory status.
   

3. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. More information about the Panel's work is available on this website.
   

4. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.
   

5. There are currently thirteen members of the Panel as listed below.

   John Howard (Chairman)
   Adam Phillips (Vice Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner
   Jenny Hamilton

   Tony Hetherington
   Stephen Locke
   Nick Lord
   David Metz
   Lindsey Rogerson
   Paul Salvidge
   Carol Stewart