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PFS to work with Which? and MAS to improve trust in advice

The Personal Finance Society has recruited consumer bodies including Which? and the Money Advice Service to a ‘consumer insight panel’ as part of its trust campaign.

The PFS says it is keen to work more closely with consumer bodies in order to inform its campaign to build greater trust in the advice sector.

The consumer insight panel is made up of representatives from the Financial Services Consumer Panel, Age UK, Which?, MAS and the Pensions Advisory Service.

The panel met for the first time in January and plans to focus on areas such as the advice gap, simplifying the customer journey and making financial services easier to use.

PFS chief executive Keith Richards says: “The panel will provide the PFS with input from organisations who understand and represent consumer views and best interests, putting the needs of the consumer even more at the heart of our work going forward.”

He says that sharing information across consumer organisations will help to give the public more confidence in making better informed decisions around financial advice.

The PFS launched its trust campaign in August 2013 with the aim of changing negative consumer perceptions about financial advisers.

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  1. A good place to start would be to rein in runaway regulation which has resulted in:-

    • The advice gap

    • Complication of the customer journey

    • Making financial services more difficult and expensive to use

    Given that the FCA is under no obligation to take the slightest bit of notice of anything that any outside body may have to say on pretty well anything, they can only be addressed by the creation of a statutory Independent Regulatory Oversight Committee. Everyone surely knows this but nobody ever seems to talk, much less try to do anything about it.

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