Generic advice could generate £1.1bn extra sales - Thoresen

The review, published today, claims the concept would "drive behaviour change", leading to increased demand for products and extra sales of anything between £400m and £1.1bn, excluding general insurance, by 2060. It says a test-run of a prototype of GFA found 40% of people would either buy a product or speak to an adviser "within a week or so" of receiving the advice. It also estimates Money Guidance would save the financial services industry up to £210m in reduced regulation costs as the scheme would fall outside of the FSA's regulatory remit. However, setting up the scheme will cost th...