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TSC report calls for Government action on savings and advice

The Treasury select committee report into financial inclusion has called for the Government to create a greater savings culture and do more to encourage generic advice.
The report calls for a clampdown on illegal money lending, increased competition in the home credit market, better data-sharing among and for lenders, new legislation for credit unions and changes to the Government’s social fund.
Resolution Foundation chief executive Sue Regan says: “The TSC report is a further illustration of the consensus emerging around the need for a national financial advice resource. As the select committee has found in its investigations, this is in the interests of individuals, government and the financial services industry.”
ifs head of external affairs Anne Kiem says: “We welcome the Committee’s call on Government to take much needed action in these important areas. The financial services industry can and should be doing more but there is also a need to educate individual consumers to make informed financial decisions.
If consumers have sufficient financial education then unaffordable debt can be more easily avoided and individuals would be far more likely to make self-provision in terms of savings.”


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