TISA comments on the FCA’s proposal to make financial advice more accessible in its Consumer Investments: Strategy and Feedback Statement
Commenting on the FCA’s proposal to make financial advice more accessible in its Consumer Investments: Strategy and Feedback Statement, Prakash Chandramohan, Strategy Director at TISA, said: “We welcome the FCA’s efforts to open up more mass market support for consumers. Helping people with more affordable advice and personalised guidance will allow them to make informed decisions that best serve their interests and to make the most of their savings.
“The FCA has been constrained though the legislative framework, which means the proposals will not solve the consumer disengagement problem that lies at the heart of this issue.
“Simplified advice needs legislative change and to sit alongside Harriett Baldwin MP’s tabled amendment to the Financial Services and Markets Bill or similar, legislative solutions. In these economically turbulent times, consumers need focused and effective help from financial services providers, and only a concerted, combined regulatory and legislative effort can deliver on it.
“At TISA, we are pleased with initiatives like Harriett Baldwin MP’s that are prompting the Government to look at solutions for consumers. Government has the opportunity in the next few years to put in place the right foundations to help consumers rebuild their financial resilience for when this crisis is over. We are ready to work with them to achieve that.”