Aifa says it is keen to work with consumer bodies to develop a new type of
generic adviser, offering free or lowcost advice to lower-income
It says it now supports the debate on increasing access to financial
advice after it had expressed initial concern over the Consumers'
Association and the FS Consumer Panel's suggestion of creating a
“para-financial adviser” offering a first stage of basic advice.
Aifa director general Paul Smee says the CA's response suggesting the need
for a new generic adviser is interesting and challenging. But he is calling
for research into whether the perceived gap in the market to provide
affordable advice to low-income groups is real.
He says the concept of a generic adviser needs testing, areas of
responsibility clarified and they should be part of an advice framework to
ensure people are passed onto an IFA for further specific advice.
Aifa also says the Government should investigate a means of funding such
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