Personal accounts have made the need for good impartial advice more urgent, as the current system is not equipped to deal with the eight million estimated extra savers, claims Otto Thoresen.
In his speech at the Association of British Insurers (ABI) conference ‘Thinking for Tomorrow’, Thoresen, chief executive of Aegon UK, warned poor capability and poor decision making or inaction by consumers is storing up problems for the future. He says consumers are not equipped to make complex financial decisions and as a result individuals are failing to make their money work; the industry is failing to retain a large section of customers and the country as a whole is storing up problems for the future. Thoresen is currently leading a review into the design of a national system of ...
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