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."

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