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&#39Significant step in addressing savings gap&#39 – Standard Life

Standard Life group chief executive Iain Lumsden says the report “represents a significant step forward in addressing the savings gap”.

Coupled with the proposals in the forthcoming Pickering report and the Inland Revenue review, Standard says it recognises the opportunity that Sandler&#39s recommendations represent for greater simplification of the savings market.

Plans for improved consumer education are seen as key to closing the savings gap through increased awareness of financial products claims Standard. The life office has also welcomed moves to make advice more readily available but warns that this should not be to the detriment of quality advice and the role it plays in promoting savings and investment in the UK.

Lumsden sees the introduction of stakeholder-type investment products as potentially increasing the availability of advice but believes the product range should include a protection offering.

Sandler&#39s proposed withprofits model is, according to Standard, “very similar to our stakeholder with-profits fund and sits easily with our mutual status”.

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