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Sandler reveals review moves to push savings

Ron Sandler has signalled that increasing savings will become a major goal of his review.

Speaking at Aifa&#39s annual dinner in London last week, Sandler said this was in line with Treasury thinking.

The review&#39s initial consultation focused on market efficiency and commission.

Sandler said he accepted that there could be a conflict between the needs of consumers at the different ends of the spectrum.

For the mass market, he said it is more important to encourage people to take res-ponsibility for themselves than to prioritise market efficiency which is the priority for the affluent end of the market. He also said greater use of technology should be explored.

Sandler said: “We will give greater prominence to measures aimed at stimulating the level of savings in this country. This almost certainly leads you towards market simplification and standardisation.”

Aifa director general Paul Smee says: “All the research shows that people will not save without advice. Catmarks and stakeholder have not been a success for the Treasury.

“We need to demonstrate the value for money IFAs provide and what role IFAs can efficiently play in the mass market. We must think creatively to make advice easier to get.”

Fitzgerald Brierley associate director Martin Nield says: “However much technology is around, people still want advice. If they simplify things, great, but I do not think simplifying the product is the answer. They need to simplify the rules pertaining to pensions, etc.”


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