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Labour backs Money Marketing’s Pave the Way to Save campaign

Labour has backed Money Marketing’s Pave the Way to Save campaign which calls for the Consumer Protection and Markets Authority to have regard for increasing saving and protection levels when formulating policy.

Shadow Treasury financial secretary Chris Leslie says consumers would benefit from policymakers being forced to prioritise the need for a better savings and protection culture.

Pave the Way to Save is calling on the Government and regulators to focus on increasing levels of saving and protection as well as stimulating industry debate on what the industry can do to increase consumer engagement and persuade people of the value of decent advice.

The campaign has been discussed in Parliament and supported by a large number of IFAs, providers and trade bodies, including Aifa and the ABI.

Leslie says: “I am happy to add my support to the Money Marketing campaign and firmly believe Government policy should do more to both make it easier for people to save and to encourage a positive culture of savings. At a time when the returns on savings are so low and the barriers to asset ownership are so high we need public policy to reinforce the virtues of saving.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. For over 37 years my clients have relied om my support and expertise to advise them on what they should be doing and trusting in me, to make the right choices for them. We do not always get it right but mostly get it more right that we get wrong, hence we have retained those clients for many many years.
    So if Labour want the public to save more and gain more protection through Insurance why have they put thousands of IFA’s on the scrap heap bearing in mind we produced over 80% of retail sales in the past with very few complaints.
    Now Hoban is allowing the FSA to continue to decimate the Industry, are they all compleatly bonkers? interesting that not only are the major banks being fined by the FSA but the OFT is also fineing them for dishonesty! but hey they only get 60% or more of complaints that go to the Ombudsman, compared to the 2% against IFA’s

  2. This is rather rich from the party that foundations for the mess that we are in now.

    Perhaps they should reflect on the shining example of prudential policy that was 13 years of tax, borrow and spend.

  3. Great news – thats the same labour party who held power for 13 years and could of done so much more on this matter instead of allowing regulation ( to an extent) to get in the way.

    Maybe they are playing poliotics with MM ?

  4. We don”t need ‘ a better savings and protection culture’, we have the products already No one is saving becaise (1) real incomes are falling due to the recession/inflation and (2) interest rates are 0.25% so why would anyone in their right mind put money in savings accounts.

    Rasiing interest rates would dampen inflation and stimulate saving and would do far more good than any campaign that generates nothing but free publicity for whoever goes into your pages endorsing it.

  5. Well that’s put the kiss of death on proposals as far as the Tories are concerned if Labour are backing it!!!

  6. Wouldn’t touch anything with a barge pole that Labour is involved it. It’s just got to end in peoplr paying more tax eventually!!

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