Blog: Access to personalised financial guidance for all
Financial Services and Markets Bill amendment by Harriet Baldwin MP achieves cross party support for regulated personalised financial guidance and support for all
By Prakash Chandramohan, Strategy Director at TISA
Broadening access to meaningful help and support for financial decision making remains a key policy focus for TISA. In the 2nd half of 2022, TISA collaborated with ex-City Minister Harriett Baldwin MP (Chair of the Treasury Select Committee) on devising an amendment to the Financial Services & Markets Bill 2022 (“the Bill”) that would enable HMT to introduce the necessary legislation for the set-up of a personalised guidance regime to assist UK households, particularly those who cannot afford or cannot access financial advice.
Our collaboration with Ms Baldwin culminated in her tabling the amendment at Report Stage of the Bill on 7 December 2022. The amendment was signed by 15 co-signatories across political parties. In response, the Minister Andrew Griffith MP said that he supported the essence of what the amendment wishes to solve and that the Government will look at it as a potential way of moving forward. He said that whilst the Government would not adopt the amendment, there was nothing in the Bill which prevents the required legislation to be introduced at a later stage. He assured the House of Commons that the work would be taken forward with urgency (together with the FCA and industry), and that the amendment would be looked at as a basis of potentially going forward.
At TISA we believe this is an excellent result. Technically speaking, the amendment didn’t need to be in the Bill, as Personalised Guidance needs only secondary legislation, not primary. But Ms Baldwin has used the amendment to ensure that Personalised Guidance is seen as the “go to” solution for Government to investigate with urgency. And there is now significant cross-party support for it, particularly from Labour. There is also support from Sir Stephen Timms MP (Chair of the Work & Pensions Committee) for Personalised Guidance to extend to helping people with their pensions.
We have been extremely fortunate to have had the chance to work with Ms Baldwin over recent months, particularly given her expertise on the topic. She was the City Minister that oversaw the Financial Advice Market Review and the various recommendations that emanated from that Review. We thank her dearly.
Now more than ever, it is important that the necessary foundations are put in place – both legislative and regulatory – for people to be supported to make good financial decisions and rebuild their financial resilience. At TISA, we are ready and look forward to continue working with MPs, the Government, regulators and all stakeholders to make this possible, while safeguarding consumers.
You can hear more from Harriett Baldwin MP who will be speaking at TISA’s upcoming Financial Advice & Guidance Conference on 21 March 2023, where TISA will discuss the latest legislative & regulatory developments and challenges in the financial advice and guidance sector.
Find out more and register here: https://www.tisa.uk.com/product/tisa-financial-advice-and-guidance-conference/?event_date=2023-03-21
For media enquiries:
TISA update on Financial Services and Markets Bill, including links to speeches.