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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.”


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