The Personal Investment Management & Financial Advice Association has set out 12 recommendations in a bid to urge the government, regulators and wider industry to work together to create an advice market that works for everybody.
The 12 recommendations, PIMFA said, were made to try and address shortcomings in the market, including a lack of awareness of the benefits of advice and its value, and a lack of trust in the profession, which it argued was perpetuated by pension scams and negative news stories of advice. It also said a lack of awareness around the cost of services also plays a role in the public's perception of advice, but that firms struggle to offer lower cost services because of "rising and unpredictable" regulatory costs. The trade association said one of its immediate priorities was to lobby gove...
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