Panellists continue to pledge support for Money Marketing’s campaign for the new regulatory structure to be given a statutory objective to encourage saving among consumers.
Money Marketing launched its Pave the Way to Save campaign in September, calling for the Government to give the new financial services regulator a statutory objective to increase saving and protection rates. Since the campaign began three months ago, it has gained support from across the industry, with organisations including Sesame Bankhall, Tenet, the Association of British Insurers, the Protection Review and Skandia all lending their backing.
At a round table held last week as part of the campaign, Cicero Consulting director Iain Anderson said: “The idea that Money Marketing has proposed for the new regulatory regime to have a statutory remit to encourage personal provision and personal saving, remains a proposal that could well move policy in the right direction. That statutory responsibility on encouraging personal provision for those that can would be a wake-up call on the savings and protection issue.”
Aifa policy director Andrew Strange says the impetus needs to come from Government first in order for the regulator to start looking at ways of improving the savings ratio in the UK.
Strange said: “There is a difference between regulation and politics. In my opinion, the regulator is there to deliver public policy, it is not necessarily there to influence it.
“If the Government decides that the regulator should deliver something that enables more people to save more money, then the regulator should do that.”