In light of recent speculation in Money Marketing and elsewhere, I would like to make it clear that the FSA has no plans to extend its role to offer investment advice to the public. Nor have we ever said we wanted to.
We are, however, serious about promoting public understanding.
We are exploring how tools offering generic information on financial matters – decision trees, for example – can help consumers begin to understand and articulate their own financial needs. Sensible IFAs will understand that initiatives that aim to increase financial literacy among their customers are no threat to their livelihood.
In fact, not only will better informed consumers make IFAs' jobs easier but research also shows that they save more. That must be good for the ind-ustry and good for consumers.
FSA, London E14