The Tax Incentivised Savings Association has set up an industry lobby group which will examine whether schemes like the Financial Services Compensation Scheme are valued by the public.
The group, which has been launched to influence public policy on savings and investments, includes more than 20 representatives from advice firms, providers, banks, building societies, fund managers and platforms.
Tisa director general Tony Vine-Lott says one issue up for discussion is the value of financial regulation.
He says: “We want to look at whether consumers feel that regulatory constraints and compensation schemes actually help them, because these are massively expensive for the industry, but you have to question whether these schemes deliver value to the consumer.”
Vine-Lott says the group is also likely to look at initiatives such as the Money Advice Service and financial education in schools, to examine whether these are effective methods for improving financial awareness.
The lobby group will carry out research and analysis of the entire savings and investment market over the next 10 months and will aim to set out policy ideas ahead of the next election.
Arch Financial managing director Arthur Childs says: ”Education is such a long term-project but governments only think of things five years ahead. Perhaps there could be a grant from the Government to subsidise financial advisers to run seminars and talks to help build the public’s level of financial awareness.”