Generic advice is crucial to the restructuring of financial advice in the UK says Consumer Panel

22 October

The Consumer Panel welcomed today's announcement from The Thoresen Review on a generic financial advice service as a crucial piece in the jigsaw enabling a more effective system of financial advice for consumers in the UK.

John Howard, Chairman of the Financial Services Consumer Panel said:

"A system of providing non sales-related generic advice in financial services will be all the more vital as we move towards Personal Accounts for pensions from 2012. Personal Accounts will give people more responsibility for their long term savings, so they will need advice and support to understand the decisions they will be making.

It is also clear now that a generic advice service could have a vital role to play in the FSA's current Retail Distribution Review. It is important that these two initiatives fit together and are progressed in tandem. Generic advice will be a crucial piece in the jigsaw of providing open access to financial advice in this country."

 

Notes to editors

  1. 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.

  2. 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.

  3. 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.

  4. There are currently twelve members of the Panel as listed below (for further information on individual members, see the Panel's website – www.fs-cp.org.uk)

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

    Jenny Hamilton
    Tony Hetherington
    Nick Lord
    David Metz
    Lindsey Rogerson
    Carol Stewart

 

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