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MP makes plea to keep financial innovation flowing

Treasury select committee member Andy Love, MP, has warned increased regulation must not damage industry innovation.

Speaking at the Money Marketing RDR & Economic update event in London last week, the Labour MP said there has always been a tension between the two.

He said: “We need to keep these new ideas flowing into the market as the financial services sector will still be the most important sector of the British economy.”

Love said this balance can best be struck through trust, and that one of the ways for this to be achieved is through better understanding of products and serv- ices offered by the industry.

“It is clear that most people do not understand what their pension is and do not understand why they should save during your life to overcome fluctuations in income and to prepare for retirement. That is a real problem in terms of financial literacy and education and taking action on that has in my view become a priority and we need to do this in schools to a much greater extent.”

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