TISA comment on launch of MAS Financial Capacity Strategy
Charles McCready, Programme Director of TISA said:
“We welcome the MAS Financial Capability Strategy and are pleased to see that the strategy will help to focus on developing people’s financial capability, with the key objective of progressively raising standards.
“It is important that we all play our part in providing firstly, financial education, so that people understand the need to save, how it benefits them and what happens if they don’t save, and provide guidance and advice. Secondly, providing guidance and advice so that it available and accessible to help people make informed decisions about how they manage their money. Having a common financial language from schools through to retirement will help remove complexity and grow confidence in understanding money matters. We strongly support the initiative by MAS in conjunction with the UK Financial Capability Board and believe financial capability is critical to helping the UK public create financial security for themselves.
“The Treasury has recently started a consultation on financial advice and this presents a great opportunity to address how we help the public manage their money and increase financial capability, including the role that Government should play and how this is delivered.
“These are also themes that TISA Policy Councils and The Savings & Investments Policy project (TSIP) have already identified and are currently working on proposals to meet the best interests of consumers and the industry. We will continue to do our part to ensure this message is translated across the industry, in order for consumers and society to plan for a better financial future. ”
Ends….
For further information please contact:
Alistair Kellie – Telephone: 020 7680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Lyons – Telephone: 020 7680 6550 / Email Sara.Lyons@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.
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.