Financial Guidance & Simplified Advice

Only 8% of the adult UK population are using advice, mainly due to costs. UK consumers have very low levels of financial capability and the interpretation of financial guidance rules results in people not receiving the level of support required to facilitate them in making an informed decision. This is resulting in considerable financial detriment across the majority of households in relation to short, medium and long-term financial planning and saving. TISA is campaigning for a change in the regulations to accommodate greater use of personalised data to facilitate engaging with customers in a way that helps them to make their own decisions across a range of basic money management activities.

Benefits to consumers


GREATER SUPPORT IN DECISION MAKING REGARDING PERSONAL FINANCIAL MANAGEMENT

BETTER FINANCIAL PLANNING ACROSS THE UK POPULATION, WITH GREATEST BENEFITS ACCRUING TO YOUNGER GENERATIONS THAT CAN SAVE/INVEST FOR LONGER TIMESCALES

REDUCTION IN FINANCIAL DETRIMENT RELATED TO POOR CONSUMER DECISION MAKING

Benefits to industry


ENHANCED LEVELS OF CUSTOMER SUPPORT FROM CHANGES TO REGULATION THAT WOULD ALLOW GREATER USE OF CUSTOMER DATA AND PERMIT PERSONALISATION OF SUPPORT

ENHANCED USE OF CALL CENTRE AND BRANCH STAFF IN SUPPORTING CUSTOMER NEEDS

SIGNIFICANT POTENTIAL FOR UPLIFT IN CONSUMERS’ SAVINGS

Benefits to UK economy


REDUCED STATE BENEFITS CLAIMS OVER THE LONG TERM

INCREASED CONSUMER CONSUMPTION IN THE LONG TERM

INCREASED FINANCIAL RESILIENCE ACROSS SOCIETY, ESPECIALLY FOR THOSE IN RETIREMENT

Financial Guidance & Simplified Advice Working Group

Purpose

The Financial Guidance & Simplified Advice Working Group seeks to address how best to provide meaningful help to an estimated 45 million UK consumers who need help but are not in the market for fee-paid financial advice. The group aims to influence stakeholders and policymakers such that the industry is able to work co-operatively with public services to provide a consistent guidance service to the public, and promote a more financially resilient society.

Areas of focus

  • Engaging with government and the FCA to enables broad based delivery of personalised financial guidance by regulated financial services firms. 
  • Engaging with government and the new Single Financial Guidance Body and other government stakeholders to explore and implement solutions that enhance consumer access and delivery. 

Participating member firms

Aegon UK Plc

Aviva UK Insurance

Barclays

Brewin Dolphin Ltd

Fidelity International

Hargreaves Lansdown

L & G plc

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Lloyds Banking Group (Scottish Widows)

Nationwide

OneFamily

Tesco Bank

Consumer Engagement Groups & Resources

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If you are a TISA member, and would like to get involved with the Cash & Investment Savings work, please get in touch

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