Generic financial advice should to be delivered to consumers free or at "an affordable price" to help consumer understand their financial positions but voluntary standards will need to be put in place, suggests an FSA-commissioned body of consumer and industry financial services experts.
A 24-page report published by the FSA’s Generic Advice Working Group (GAWG) – entitled Financial Capability: developing the role of generic financial advice - suggests there is “almost complete consensus” among its members for the creation of a national network of generic financial advice services, which might then be free or “affordable” at the point of delivery. Members of the group – which includes officials from the Association of IFAs, ABI, consumer bodies along with product providers and government departments – feel there is an absence of “affordable, accessible, trusted advice on...
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