| The Consumer Panel has warmly welcomed today's Government sponsored report by Otto Thoresen on a national approach to generic financial advice. The report sets out a blueprint for a national money guidance service. The Panel also supports the report's suggestion that the FSA should take forward the project. This will mean that the new service will be joined more effectively with the FSA’s general review of advice on financial products – the Retail Distribution Review.
John Howard, Chairman of the Financial Services Consumer Panel said:
"The Thoresen report's conclusion that the benefits of the new service to society and the financial services industry outweigh the costs, is what the Consumer Panel has been urging for some time. We believe that the more the industry and government are prepared to put in, the greater the returns will be. Many millions of people could be helped by such a service. All too often they are reluctant to engage with the industry because they don't understand it and don't trust it. An impartial guidance service will provide them with a trusted gateway back into financial services."
– ends –
MEDIA ENQUIRIES
| Rebecca Tabor |
020 7066 0902 (07971 660368) |
| 
