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Swiss Re sees role for CAB

Citizens&#39 Advice Bureaux should give independent financial advice from a league of retired financial services personnel, says Swiss Re&#39s response to the Sandler review.

It says market consolidation in financial services has resulted in employees with many years of service and experience retiring and the firm feels that many of these people could play a useful role in explaining basic needs to consumers.

Aifa director general Paul Smee says: “One must look at every opportunity to extent the reach of advice. But funding, up to date knowledge and motivation are key.

“IFAs do at present give advice across the economic range but the cost of giving advice has risen. There is a role for the voluntary sector but this should be kept separate from the main issue.”

A National Citizens&#39 Advice Bureaux spokeswoman says: “We are looking at ways of dealing with financial literacy for all the people who come to CAB for money advice.”

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