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Call for cash to start up free advice service

Chairman of the FSA consumer panel Colin Brown is calling on the Treasury and the financial services industry to fund a generic advice service for all consumers.

Speaking at last week&#39s conference, Brown said a free hol-istic healthcheck should be available to improve consumer understanding of finance.

He said money is needed to establish the service to tackle the problem of people not shopping around before making investment decisions and to help “consumers operate their side of the market more effectively”.

According to Brown, the public “do not understand risk, do not save enough, do not protect themselves enough and as far as regulatory matters are concerned they do not understand them at all”.

He expressed concern about the “dire” level of consumer understanding of financial services. He said the industry must take some responsibility as issues will not be resolved just because of the FSA&#39s consumer education programme.

Brown said: “A financial healthcheck giving a holistic consideration of people&#39s circumstances needs investment to be set up. Perhaps the Treasury will cough up or a collective financial services fund could be established.”


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Friday, 17 May 2002 Type: Full Sipp Minimum investment: Lump sum £75,000 Investment choice: All Inland Revenue permitted investments Administrator: Wolanski & Co Trustees Charges: Initial £350, annual £400 Commission: Subject to negotiation Tel: 020 7426 9003

No credit for FSA handbook

Had the IFAs who commented on our accreditation of the FSA website (Money Marketing, May 2) clicked on the Winning Website logo, they would have found the following text clearly displayed: “Exclusion from the accreditation: We have excluded from the accreditation the FSA Register and links to current and past publications.”The FSA handbook – which […]

Society cash is in the Baggies

West Bromwich Building Society has renewed its sponsorship of Premiership new boys West Bromwich Albion Football Club.Newly promoted WBA signed a one-year sponsorship deal with the society which includes shirt sponsorship, affinity accounts and a football in the community programme.This is the fourth year the society&#39s name has appeared on the Baggies&#39 team shirt and […]

Darling reveals plan for price-cap pension family

The Department for Work and Pensions is planning a new range of price-capped regula-ted pension products which can be sold direct without advice.Speaking to Money Marketing at the NAPF Conference in Brighton last week, Work and Pensions Secretary Alistair Darling said the new products would be price-capped as the 1 per cent cap on stakeholder […]


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