TISA responds to Financial Advice Market Review final report
Responding to the publication of the Financial Advice Market Review final report Charles McCready, Programme Director at TISA said:
“The report by HMT and the FCA presents a well-considered and pragmatic approach to helping people make financial decisions either by themselves or with advice. The framework of affordability, accessibility and liability succinctly encapsulates the key areas to be enhanced and will help to re-establish a savings culture in the UK. We also commend the acknowledgement of the important role that savings play for both households and the wider economy.
“We particularly welcome the proposed recommendations on guidance and fact finds. Policy development, led by TISA, has advocated greater flexibility in providing financial guidance to people and is publicly supported by 40 firms across all key segments of financial services and consumer groups plus a number of TISA members. The move to clarify what is advice versus guidance provides a framework for guidance services, increasing financial decision making education and support to millions of people. This is a big step towards helping the 40% of households that do not manage their money and the 12 million people that are not saving enough for retirement. A guidance service aimed at people with £50k or less in their pension pots could help 60% of households better prepare for their retirement.
“We also support standardising information collected as part of fact finds. This augments our vision to create portable fact finds to enable people to go through the process once and then, with regular subsequent maintenance, using this across any guidance and advice services that they subsequently use. We believe that this could become another tool to help people engage with their finances as well as making it easier for them to provide a robust picture of the financial state and goals to advisers.
“This is a good step in the right direction and we look forward to HMT and the FCA continuing to work with industry in developing solutions that work for and benefit UK households.”
For further information please contact:Alistair Kellie / Sara Neidle / Nick Morris – Telephone: 020 7680 6550 / Email Alistair.Kellie@newgatecomms.com; Sara.Neidle@newgatecomms.com; Nick.Morris@newgatecomms.comEmail: 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.
Having a legacy of focusing predominantly within the tax incentivised products area, TISA has in recent years moved into the broader savings and investments world, extending our standing as trusted adviser over a much greater remit.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.Website: www.tisa.uk.com