In an interview with Money Marketing, Cable says the Government is “dragging its feet” over the Thoresen review and that this is more important than the RDR, which needs to be introduced through a “sensible timetable”.
He urges the Government and the FSA to get on with putting Thoresen’s national money guidance service into place and says it is urgently needed to help people tackle the financial crisis.
Cable also expresses concerns that the FSA’s new structure and greater focus on prudential supervision could degenerate into a “massive box-ticking exercise”.
He says: “I think there is a common understanding in the industry and among consumers that we need high quality, properly trained IFAs but this has got to be done on a sensible timescale.
“It is more important that the Government really does need to get ahead with the implementation of the Thoresen report, making available generic advice because a lot of people have got themselves into trouble because they cannot afford financial advice or are frightened by it and, as a consequence, make bad decisions.”