The Financial Services Consumer Panel has called for the Money Advice Service to “push regulatory boundaries” and widen its scope beyond signposting the options available to consumers.
In a position paper on advice after the RDR, published this week, the panel calls for the MAS to offer “information and guidance as well as generic advice”.
Speaking to Money Marketing, FSCP chairman Adam Phillips says: “We do not think the MAS should be providing regulated advice but it could go further in helping to guide people and explain the alternatives.”
The FSCP also raises concerns over a predicted growth in execution-only services.
Phillips says: “We want to encourage the regulator and industry to think about how they can ensure customers do not buy the wrong products.”
Facts & Figures managing director Simon Webster says: “The MAS should leave advice to those who provide it best – advisers.”