The Consumers' Association has responded to the Sandler review of medium and long term retail saving...
The Consumers' Association has responded to the Sandler review of medium and long term retail savings.
Head of policy research Michelle Childs said: "The long-term savings industry which funds most pension and mortgages is in urgent need of a thorough overhaul to transform it into an industry that is fit for purpose."
Childs added: "For too long consumers have had to put up with poor advice, poor products, high charges and incomprehensible language. Consumers' Association has previously called for a wide ranging inquiry into this market."
"This is a great opportunity to transform the UK long-term savings industry. After repeated scandals, consumer confidence in saving for the future is very low. This review must challenge the existing balance between policyholders and shareholders to make sure that the consumer interest is put at the heart of the industry."
Comments to the Sandler review team can be emailed to [email protected], by post to The Sandler Review Team, Room 316A, HM Treasury, Allington Towers, Allington Street, London, SW12 5EP or by fax 020 7270 1391.
Further information and a copy of the consultation document can be obtained from www.hm-treasury.gov.uk or by phoning 020 270 4660. The consultation period ends 28 September.
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