
Consumer Engagement Groups & Resources
Go toOnly 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
The Financial Guidance 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.
Aegon
Aviva
Barclays
Blackrock IM (UK) Limited
Brewin Dolphin Ltd
Fidelity Worldwide
HSBC
Hargreaves Lansdown
Invesco Perpetual
Lloyds Banking Group
Nationwide
Pinsent Masons
Quilter
Royal Bank of Scotland
Vanguard
Zurich
Consumer Engagement Groups & Resources
Go toIf 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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