Firms have a key role in the provision of financial advice

This is the view of Lemonade managing partner David Pugh, who urges employers to rise to the challenge and ensure staff can access high-quality, affordable, appropriate advice during every stage of their working lives – a key Government goal.

Led by the Financial Conduct Authority and the Treasury’s financial services department, the Financial Advice Market Review intends to assess the extent of the advice gap for people who do not have significant wealth. Varying financial products are to be scrutinised and the Review will evaluate the regulatory and legislative environment to see whether it allows firms to innovate and encourage people to seek financial advice.

The Government also intends later this year to consult on how bodies offering free and impartial advice, such as the Money Advice Service can be made more effective. It’s a pity the FCA and Treasury doesn’t lobby businesses to do the same; firms have a key role in the provision of financial advice and employees will appreciate the offer and certainly view it as an additional benefit.