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Aifa applauds money guidance

The Association of Independent Financial Advisers has welcomed the Thoresen Review and says money guidance presents an opportunity to educate consumers about their financial needs.

Director general Chris Cummings says the industry and government must work together to engage consumers and encourage them to consider their long-term financial well-being.

He says: “A better educated public will then realise the value of professional financial advice and understand the advice given to them.

“As Thoresen states in his report this service will be sales free. The money guidance service will provide a basic level of financial information and act as a signpost for consumers to access more detailed personalised financial advice. We are pleased that the Thoresen Review has recognised and understood the true value which can be gained from the intermediary community.”

Cummings says he agrees with the proposal to use the FSA levy to raise funds from the industry.

He adds that this will keep administration costs to a minimum but will ensure charges are proportionate to the benefit received by sections of the industry.

Cummings says: “We also support the inclusion in funding the service of those governed by the Consumer Credit Act and National Savings and Investments.
“We look forward to giving our support to the pathfinder programme.”


TSC blasts efficiency of Chancellor’s departments

The Treasury Select Committee has hit out at the Government claiming the Chancellor’s departments are not setting a good example by using their budgets efficiently.In its administration and expenditure of the Chancellor’s departments report the TSC attacks HM Revenue & Customs for rewarding failure and calls on the Government to urgently address the decline in […]

Scottish Re Dublin not for sale

Scottish Re Dublin, a subsidiary of Scottish Re Group, is to remain with the group and will not be sold off with the firm’s UK life reinsurance operation.

NAPF pushes for workplace delivery of money guidance

The National Association of Pension Funds says it welcomes the recommendation of a money guidance service, including an emphasis on the workplace as a delivery avenue. The NAPF says it has found that face-to-face group meetings are the preferred method for receiving information about retirement planning.Chief executive Joanne Segars says the introduction of money guidance […]

Kensington appoints new head to replace Hutchinson

Kensington has appointed a new head to replace former chief executive Alison Hutchinson who is set to leave in April.Director of sales Keith Street will become the new head of Kensington.Kensington says the role will have direct responsibility for sales, marketing, new business operations, underwriting, customer management and IT. Other elements of the business, such […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


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