Financial services providers are calling for a link between how much they pay to fund the new generic advice service and the benefits for individual companies.
In an interim report released yesterday, the Thoresen Review suggested funding for the new scheme would be split between the Government and financial services companies with total costs estimated at £40m-£80m. However, providers have already expressed concerns about how the input needed from the financial services sector will be split fairly between members. Adrian Boulding, L&G wealth policy director, comments: “We think there needs to be monitoring about what consumers are asking for. For example, if 90% of the requests are for debt counselling, it is not fair to ask savings firms to ...
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