Labour has backed Money Marketing’s Pave the Way to Save campaign which calls for the Consumer Protection and Markets Authority to have regard for increasing saving and protection levels when formulating policy.
Shadow Treasury financial secretary Chris Leslie says consumers would benefit from policymakers being forced to prioritise the need for a better savings and protection culture.
Pave the Way to Save is calling on the Government and regulators to focus on increasing levels of saving and protection as well as stimulating industry debate on what the industry can do to increase consumer engagement and persuade people of the value of decent advice.
The campaign has been discussed in Parliament and supported by a large number of IFAs, providers and trade bodies, including Aifa and the ABI.
Leslie says: “I am happy to add my support to the Money Marketing campaign and firmly believe Government policy should do more to both make it easier for people to save and to encourage a positive culture of savings. At a time when the returns on savings are so low and the barriers to asset ownership are so high we need public policy to reinforce the virtues of saving.”