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‘NPSS is a Trojan horse for nationalised advice’

The Government is trying to nationalise advice through the back door, according to a senior Sesame director.

Communications director Ian Thomas says the Government’s desire to drive through its personal accounts regime threatens to banish regulated advice to the sidelines.

He believes this is part of a strategy to wrest control of long-term personal savings from the private sector’s hands.

Thomas says the personal accounts regime combined with its scrutiny of adviser remuneration are attempts to marginalise advisers and make them out to be an expensive option for the wealthy few.

His comments follow a speech by Treasury Economic Secretary Ed Balls at an ABI Parliamentary reception recently when he hit out at the advice sector, saying he was amazed there were still so many advisers.

Thomas says: “Turner is the excuse the Government has been waiting for to nationalise financial advice and achieve revolution by stealth. Make no mistake. The NPSS is a Trojan horse for a Government that is sceptical of the role of advisers, fixated with the cost rather than value of advice and intent on creating a nationalised financial health service.”

A Treasury spokesman says: “The role of financial advisers is an integral part of the financial services industry.”

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