The Tax Incentivised Savings Association (TISA) is launching an industry-wide project aimed at transitioning consumers from a "culture of debt to one of savings".
The industry-wide project aims to create proposals for a new savings and investments policy by working with a range of financial service companies, trade bodies and consumer groups.
The findings, conclusions and recommendations will be used to work with government, key political parties and regulators in order to shape and influence the creation of policy and regulation.
TISA said the project ultimately aims to increase the overall levels of individual savings, address ‘whole of life' savings needs for all consumer segments, and to leverage savings by investing in ways that create benefits to the nation.
TISA director general Tony Vine-Lott said: "This is a unique opportunity for the industry to combine its knowledge of consumers and experience of financial services to create proposals that deliver increased financial security for society."
BlackRock head of UK retail Tony Stenning said: "British savers are worried for their financial futures. It is therefore critical that we unite as an industry to help simplify saving and investing and encourage people to boost their rainy day and retirement savings for the longer lives we're all living."
The project will be directed by an executive committee formed of 20 financial services companies. It currently includes Aviva, AXA Wealth, BNY Mellon, Barclays, BlackRock, Charles Stanley, Citi, Fidelity, J.P. Morgan Asset Management, Henderson, Intrinsic, L&G, Lloyds, Nationwide, Northern Trust, Old Mutual, Pinsent Masons, Simply Biz, Threadneedle Investments and Zurich.
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