"Agree" seems to be the finest word according to responses published so far to the Treasury Select Committee's report into encouraging long-term savings.
Citizens Advice says the report does well to highlight moves required to restore consumer confidence, not least providing support to the CA’s own view that consumers are still in the dark over product risk and charges.
The Building and Civil Engineering Benefit Schemes, which claims more than 300,000 members of its stakeholder pension, highlights the report’s mention of “flexibility” in terms of savers being able to access funds in emergencies.
B&CE also welcomes criticism of the Pension Credit, which, albeit an improvement on the Minimum Income Guarantee, creates the perception amongst consumers that they will be penalised for saving towards retirement.
The ABI takes a slightly more hands-off approach to the report.
While welcoming findings, its response is focused on the proposed forum for additional dialogue within the industry for developing ways to encourage consumers.
Dialogue is also a facet of the IMA’s response, particularly in the area of consumer personal finance education.
The association pays particular attention to recommendations on taxation of savings, saying simplification in this area should help consumers, and that it will be publishing its own recommendations on taxation “in the autumn”.
The Consumers’ Association takes the line that the report is “damning” for the industry, and presses all the right buttons in terms of what reforms are necessary.
Particular focus falls on the with-profits sector, with the CA calling financial services consumers “prisoners” that need to be set free from the prisons that are poorly performing with-profits funds.IFAonline
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress