TISA charts its Top 10 savings initiatives
TISA has unveiled its New Year’s wish list of the top ten initiatives it feels will be of most help towards the long-term goal of increasing the levels of personal savings.
A collaborative approach is being advocated by TISA that involves government, financial services product, distribution and service providers, together with consumers themselves in order to create the right environment, structure and understanding necessary to bring about a sustainable increase in the savings ratio.
TISA’s Top 10 is:
1. Consumers to face up to their personal finances and to the need to contribute more to their savings
2. Government to simplify tax and benefit regimes to better support lifetime savings
3. Pension reform and simplification momentum to be maintained by government
4. A commitment from providers to simplify products and improve disclosure to aid consumer understanding
5. Children’s savings/junior ISA to be developed by government with the existing CTF kept in place until the new scheme is launched
6. Providers to be more transparent on savings interest rates
7. ISA providers to enable transfers to take place well within 15 days
8. Further encouragement to schools and colleges to provide pupils with a greater understanding of financial services
9. Government to set up a Workplace ISA (similar to a CTF for adults) to run in parallel to NEST to provide choice for those not happy with pensions
10. Platform providers to agree industry standards and to start to implement re-registration solutions.
Tony Vine-Lott, TISA director general says:
“Everybody agrees that people need to save more but there is no quick fix to bring this about. It will be an evolutionary process involving everyone and it is particularly encouraging that recent announcements by the government are indicating that a joined up approach to the concept of lifetime saving is within our grasp. The financial services industry and consumer groups need to seize the moment and work together to make this a reality.
“TISA’s Top 10 is a pragmatic agenda that reflects our view of what we see as the most important components where real progress can be made during 2011.”
Ends
For further information, please contact:
Tony Vine-Lott, Director General, TISA – Tel: 01372 374728, Mobile: 07790 006108Email: tony.vine-lott@tisa.uk.com#
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.