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McFall savings forum to restore confidence

Treasury select committee chairman John McFall has taken the lead in establishing a new industry forum to help boost confidence in longterm saving.

Following the TSC’s report into restoring confidence in saving, the committee put pressure on the industry to create its own forum and McFall is pushing forward plans. He will chair up to three forum meetings before handing over responsibility to an independent chairman.

The committee’s move follows a cool response to the forum from the industry despite the TSC accusing life companies of indifference towards customer complaints and reluctance to improve public confidence.

McFall has written to 23 organisations to ask them to help shape the forum. He outlines the need to establish a common aim and agenda for the forum and to name a long-term chairman.

His letter follows a joint letter sent to organisations by the ABI and IMA in October.

McFall says he wants to see the forum made up of trade associations, industry firms and Treasury representatives.

Thinktank Tomorrow’s Company produced a report in June on restoring confidence in the investment industry in the wake of misselling scandals, endowments and split-capital investment trusts.

The inquiry proposed that a forum should be established to address issues of widespread loss of trust and confidence in the investment sector.

IMA chief executive Richard Saunders says: “We accept that there is a need for a mechanism which will better identify current and emerging issues which may affect consumer confidence in the financial services industry. We hope this initiative will be a first step towards that.”

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