Investment Association responds to HMT/FCA consultation on financial advice
The Investment Association, which represents the UK's investment industry, today responds to HM Treasury's announcement of the Financial Advice Market Review.
Daniel Godfrey, Chief Executive of the Investment Association, said:
"For those who can afford it, high-quality regulated advice from qualified practitioners will continue to be a valuable service.
"But, following recent pensions changes, millions of people are increasingly dependent on the investment industry to deliver lifelong financial well-being. They need to be able to access investment in a cost-effective way if they are to provide adequately for their futures. To make sure all savers have access to support, the regulations governing advice and guidance have to be made clearer.
"The time has come for the Government and Regulator to tackle the advice gap so that people are able to cope with financial hardship, save up for the things they dream of and have confidence that they will enjoy a comfortable life as they get older.
"The Investment Association will work with the review team to ensure that there is a viable roadmap to affordable and appropriate support for savers that makes suitable long-term savings products accessible to all."