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Govt should fund advice service, says thinktank

The Government or the industry should create and fund a generic advice service catering for those who cannot afford financial adv-ice, claims a report by new consumer thinktank the Consumer Policy Institute.

The report, Where Next for Financial Advice?, conducted by FSA consumer panel member Jane Vass, says there is a need to provide advice to low and middle earners.

Vass, whose study was funded by the LIA and published this week, revisits the idea of a financial health-check first proposed by the Treasury.

Less training would be needed for those providing the healthcheck than for full advisers.

LIA director of public affairs John Ellis says: “I do not think the market will generate something like this naturally. The Government will have to play a big part.”

IFA Pensions & Investment Management principal Phil Moore says: “I am quite happy for the industry to pay for a second tier of advice. I would not be happy if the costs of that advice would come back down on us because we simply cannot afford it.”

IFA Baronworth Investment Services director Colin Jackson says: “The people they say need looking after do need looking after but they can still go to their bank or IFA to get that advice.A lot of these people are not investors. To bring in another tier for nobody in particular makes no sense.”


End of the Rainbow

The closer you fly to the sun, the more chance you have of being burnt. No one knows this more than Ivan Massow, whose business has gone bust amid bitter acrimony and conflicting accounts.On October 5, Massow Rainbow Group went into receivership. Accompanied by recriminations and Byzantine complexity, Mas-sow let it be known that he […]

All for one – and one for all?

Mortgages are big business. They are complex and can run for decades. They are the most expensive purchase most people make and the biggest monthly expense anyone will have. Yet it is easy to overlook them in financial planning discussions.We take for granted that the amount we pay for our mortgage is fixed. We accept […]

A&L and L&G launch first joint product

Alliance & Leicester is launching a balanced savings and investment plan from Legal & General on A&L’s website. The plan is an A&L fixed rate bond paying an enhanced rate of interest, together with an L&G investment bond. This is the first joint product to be made available since their partnership was announced earlier this […]

Skandia adds to life cover in bond rebrand

Skandia is rebranding its bond range and offering enhanced additional life cover to investors.Skandia&#39s onshore bond range which includes its investment, capital and income and distribution bonds, will now come under the “multi” banner within its multi-manager fund supermarket.IFA clients can select life cover of up to 125 per cent of the initial investment with […]


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