Consumer Panel calls for 5-a-day message
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Financial Services Consumer Panel chairman Adam Philips (pictured) has called for the Consumer Financial Education Body to create a savings campaign similar to the Government’s 5-a-day healthy eating promotion.
Speaking today at the Association of British Insurers savings and protection conference, Philips said that CFEB needs to think of an equivalent message to boost saving rates.
He said: “I would like to see CFEB thinking about an equivalent message about how to save, the importance of protection and how much people spend on housing.
“These are things that many consumers do not understand and need help with.”
Philips also called for the development of portable fact finds so that consumers can shop around for financial products more easily.
He said: “We need to enable consumers to have standardised information on a memory stick that they can take to different outlets and see what products are offered to them. A traditional fact find can take two to three hours to carry out, so consumers are less likely to shop around.”
CFEB chief executive Tony Hobman said: “We will work hard to increase consumer education of financial products and the need to save.
“We do not intend to give regulated financial advice, but we do intend to get as close to the regulated boundary as possible to avoid people falling through the net.”
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Readers' comments (2)
Derek Vivian | 13 Jul 2010 2:29 pm
What has this to do with the FSA or even IFAs? The Government is the right organisation to be involved with this type of educating the public not us! If you must have a slogan what about 'slowly, slowly, savee money' ?
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Anonymous | 13 Jul 2010 3:12 pm
Next we will hear the FSA want to throw a load of our money at some 'advertising consultants' costing a small fortune to come up with some ditty.
Will this be another pointless exercise - but heh does it matter - it's not like they are spending their own money.
And what ever they come up with will it ever be approved by the FSA themselves ?
Why don't the FSA stick to regulating and stop trying to manipulate the free market.
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