ABI head of pensions and savings Chris Kenny says the reforms should allow the savings industry to operate within a more competitive and transparent market. But will make it easier for the consumer to shop around not only for the best product, but for a deal where they know and understand how much financial advice will cost them.
He says: “We fully support the principles of disclosure. We are pleased to see that there will be further consultation on the details of the 'menu' because it will not achieve it's goal if it becomes over-engineered. We need to study today's proposals to be sure they work fairly across all channels and look forward to continued discussions with the FSA and other stakeholders”