Media Briefing: Addressing the UK’s Savings Gap – policy recommendations from TSIP
‘The Savings & Investments Policy’ project (‘TSIP’): Industry & Government Policy Proposals launch on Tuesday 10th March, 10:00am – 11:30am at BlackRock, 12 Throgmorton Street, London EC2N 2DL.
TSIP, which is an unprecedented coalition of 50 leading financial services firms, trade bodies and consumer groups, will be announcing a series of policy proposals aimed at addressing the current savings crisis and at creating ‘a culture where it is as easy to save as it is to get into debt.
The group has been meeting all the major political parties, HM Treasury and the FCA over the last 12 months to develop and discuss six strategic proposals aimed at enhancing financial wellbeing of UK consumers and rebuilding confidence and trust in long-term savings. The project is being led by TISA*, a not-for-profit membership association, which will establish working groups that will drive forward the design and implementation of the industry initiatives.
Key topics covered in the policy proposals include:
• Increasing financial education to enhance financial decision making
• Developing guidance propositions that meet consumer needs
• Making savings easier for the consumer
• Potential changes to the pension tax regime
• Increasing pension contributions by the general public using ‘nudge’ techniques
• Creating a Savings Minister
The media briefing will give you an opportunity to hear senior representatives from the financial services industry outline TSIP’s key findings regarding the challenges facing consumers and some ways of reducing the UK’s savings gap. Panelists will include:
• Tony Stenning, Project Chair and Managing Director, UK Retail, BlackRock
• David Dalton-Brown, Director General, TISA
• Carlton Hood, Customer Director, Old Mutual Wealth
• Adrian Boulding, Pensions Strategy Director, Legal and General
For more information or if you would be interested attending the media launch event please email: TISA@newgatecomms.com
Background
Over the past 50 years, the UK has experienced fundamental changes to consumers’ savings habits which, over the medium to long-term, have the potential to be detrimental to individuals’ financial wellbeing as well as our economy. In addition to low savings rates and poor financial resilience, the UK faces a tipping point in 2035 when individuals face a retirement where they will be significantly worse off than their parents, unless action is taken now.
TSIP is a pan industry initiative of 50 leading financial services firms, trade bodies and consumer groups that has been formed to develop policy proposals for the financial services industry and government with the aim of enhancing UK savings rates and restoring financial security in retirement. TSIP is directed by an Executive Committee formed of 18 leading financial services companies including Aviva, AXA Wealth, BNY Mellon, BlackRock, Ernst & Young, Henderson Global Investors, Intrinsic, J.P. Morgan Asset Management, Legal & General, Lloyds Banking Group, Nationwide, NatWest, Northern Trust, Old Mutual Wealth, Openwork, Pinsent Masons, and Threadneedle Investments. It is managed by TISA*.
*TISA is a not-for-profit membership association operating within the financial services industry. It represents the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
Ends….
For further information, please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Deborah Saw – Telephone: 0207 680 6552/Email Deborah.Saw@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities.