Press Release
CII Group backs pilot to build trust in Money Guidance initiative
14th March 2008
The CII Group believes the Thoresen Review proposed Money Guidance (MG) model will work if the consumer is prompted to action. The CII agrees with the Review that for MG to win public trust and confidence, it must:
Use language that is clear to the consumer and jargon-free;
Encourage further action by the consumer; Have a robust system of accreditation for those providing guidance to ensure that consumers receive the highest quality of service;
Have clear protocols to link with regulated advice; and
Dove-tail with the FSA's Retail Distribution Review (RDR) so it is a platform to access appropriate advice.
Recent research by the Financial Services Consumer Panel found that the generic financial advice model was considered the most important of all ‘advice' tiers for customers.
CII Group chief executive Dr Sandy Scott said: "We have provided input into the recent GFA prototypes and are pleased to see the commitment to extend the pilot. Money Guidance will help address the reputational issues surrounding financial services as well as tackle long-term savings and protection gap."
PFS president Robert Reid said: "My theme as president this year is to improve the awareness of the value of financial advice. Based on our experience and capability as a professional body, we believe we are well placed to make a significant contribution towards the development of a universal advice system. We recognise that Money Guidance could be an essential first step for many consumers; and for those who can afford it, engaging with a professional financial adviser should be the preferred next step."
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