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Generic Advice pathfinder must get Thoresen initiative back on track

Commenting on publication of the final report of the Government's Review into Generic Financial Advice, led by Otto Thoresen, the ABI's Director General Stephen Haddrill said:

"The insurance industry has long argued that an effective generic financial advice service has great potential to help consumers make better financial decisions. There is strong evidence to show that people in all income groups would make better use of their money if they had improved access to generic financial information and advice. We believe, therefore, that an effective service should focus on all income groups.

"It's also crucial that any new service is cost effective, efficient and sustainable. The resources and expertise available within the commercial sector are likely to be key to success. Any proposed scheme needs to harness them effectively.

"The pathfinder provides an opportunity to develop the original concept of a service delivered by a range of commercial and non-commercial providers. This will give the best possible access to generic financial advice for the widest possible range of people."

Last updated 01/07/2016