The financial services industry will have to shoulder half the £40m-£80m costs of the new generic advice service, according to the interim report of the Thoresen Review of Generic Financial Advice (GFA) published today.
At the beginning of September, the Thoresen Review launched pilot schemes providing generic advice in various UK regions to test the feasibility of the scheme. The interim report says the GFA scheme has proved essential in improving financial capability, it is possible to roll the scheme out nationwide, and the benefits of the scheme outweigh the costs by 3.5 to 1. Thoresen comments: "The research and evidence we have gathered so far has enabled us to define in broad terms some of the principles for a national system of generic financial advice.” The report has set out several key princi...
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