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."

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