TISA launches Consumer Protection Policy Council
TISA, the financial services membership association, has established a Consumer Protection Policy Council to provide senior executives with a forum to develop thought leadership on all aspects of personal lifetime financial security.
Operating alongside TISA’s other policy councils the new council will provide a focus on protection issues and will support TISA’s savings and investments policy work to improve the financial resilience of UK citizens. The council will also collaborate closely with industry trade bodies and consumer groups.
The chair of the council is Johnny Timpson, financial protection technical & industry affairs manager at Scottish Widows Protect. Sara McLeish, director, EMEIA financial services at EY is deputy chair.
TISA Director General David Dalton-Brown said:
“It became evident as we prepared our response to the Financial Advice Market Review (FAMR) that our members wanted us to provide this focus for consumer protection, I’m delighted that we have been able to meet this request.
“Consumer protection, however described, is part of a package of inter-related solutions to help people cope with life’s mishaps such as illness, death, unemployment and other circumstances that impact on their welfare and financial wellbeing. This is an important issue in itself, it’s also a key aspect of our developing policy proposals on guidance and encouraging people to develop a lifetime financial plan as we follow up on our FAMR submission.
“Creating this policy council gives us a wealth of practitioner expertise to draw on, as well as providing members with an opportunity to lead the way with new strategic thinking about how to ensure people are better able to withstand unforeseen life events.”
Johnny Timpson, chair of TISA’s Consumer Protection Policy Council added:
“A number of trade bodies, along with MAS are already working on initiatives to better educate consumers about the benefits of improved financial resilience and appropriate protection solutions, with the Seven Families initiative from the Income Protection Task Force being a great example of what can be achieved by collaborative working around a shared objective. Our remit is to support and build on this by developing thought leadership on innovative ways of making consumer protection more appealing and relevant to people both at home and in the workplace. We will be working closely with TISA’s Technology Innovation Policy Council as digital solutions become increasingly important to future distribution and consumer interaction.”
The council will also engage with the FCA Protection Market Review and initial plans include the creation of an open standards ‘Best Practice Advice Code’.
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For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.