Moves to liberalise and harmonise the internal market in financial services are not benefitting consumers because of a lack of communication between those making the rules and those affected, says APCIMS chief executive Angela Knight.
Despite bringing down barriers between countries, national governments are still failing to implement tax positions that would encourage consumers to save and invest across borders.
And national regulatory changes in the wake of EU-level rule changes are piling on costs, which the consumers may ultimately carry.
Altered tax relief is needed to give savers a boost, and encourage them to take greater control of their personal financial needs, Knight says.
APCIMS would like to see additional changes implemented, including ensuring financial advisers can offer a “full service”, including advice on pensions and tax issues, in addition to investments. The association also wants regulators such as the FSA to balance responsibilities required of regulated firms against the need for individuals to take responsibility for investment choices.IFAonline
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