View more on these topics

PFS Conference: Advice gap is a national issue

Incoming president of the Personal Finance Society Eddie Grant says the issue of consumers not undertaking any financial planning is an urgent issue which needs to be addressed.

Grant was sworn in as PFS president at the body’s annual conference in Coventry today. He takes over the presidency from Mike Fosberry.

At the handover Grant said: “As president I wish to achieve a more strategic goal in trying to improve consumer financial planning engagement.

“Whilst we all recognise the value of advice, there are many consumers who do not undertake any financial planning. This is a national issue and one we should seek to address as unless there’s a change in this cultural gap in savings and protection needs we really have a moving problem in this country.”

His comments echo Money Marketing’s recently launched Pave the Way to Save campaign, which calls on the regulator to be given a statutory objective to help plug the protection gap and boost the UK savings market.


Garry Hale

Up to the challenge after setback

Well, it is a journey and it looks like it is going to be a challenging one. Unfortunately, I failed my AF 4 investment planning exam in the April sitting. I was not alone, as I understand only about 45 per cent passed this exam. These are challenging exams. I can appreciate they have to […]


FSA revises draft rules on pure protection sales

The FSA has revised its draft rules on when firms should disclose how they get paid for pure protection sales associated with investment advice following industry feedback. The regulator has published its policy statement on pure protection sales by retail firms, following its earlier consultation paper in March. In the March paper the FSA consulted […]

Steer puts first short into Artemis UK growth

Tim Steer has added his first short to his £301m Artemis UK growth fund after its remit changed to allow short positions of up to 10 per cent. After successfully shorting insolvent stock Connaught in his hedge fund, Steer has shorted Robert Wiseman Dairies in UK growth. The manager has questioned the firm’s profit margins […]


News and expert analysis straight to your inbox

Sign up


There are 6 comments at the moment, we would love to hear your opinion too.

  1. At least he’ll know how it feels to be “living on the front line”.

  2. What a snooze fest. Yet again an industry body is commenting on a lack of education in its target market.

    It takes a massive amount of money to change intellectual inertia which the industry does not have and the PFS does not have it for sure.

    If the citizens of this great country still don’t understand what financial planning is and what it can do for them then they will never know.

    I personally would suggest that the time and effort and money required to win such an impossible task is spent elsewhere.

  3. Of course it’s a problem but until the PFS, FSA, CII and others in power understand that they are the main cause of the problem there will be no solution.

    For 25 years now the “Profession” ( what a joke) has being going in the wrong direction, obsessing over the “advice” process, higher qualifications and other initiatives which ultimately result in higher costs and less choice for the normal consumer.( 95% of the market)

    Focusing almost exclusively on the very small market for complex advice those who control the Industry have quite simply created the advice gap that they are now so concerned about.

    Banning commission, requiring fees, requiring higher qualifications and all the other nonsense of the RDR will only make the gap wider.

  4. Sorry Peter, not the same Mr Grant I think. Or is it ???

  5. ..which gives me some hope, Joanna..

  6. No worries ~ the CFEB (which we’re all going to have to fund if we continue to be regulated by the FSA) will sort this one out.

    Add to that the cost of all the other endlessly escalating regulatory levies plus the occasional one-off special levies for various corporate failures plus the RDR plus the never-ending stream of hindsight reviews and pretty soon the only IFA’s left will be those catering for the needs of HNW clients who are prepared to pay hefty fees. As for everyone else………..

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm