In its recent policy paper, the Personal Investment Management & Financial Advice Association (PIMFA) has called on the government and the Financial Conduct Authority (FCA) to work with them towards the creation of a simpler advice model that reaches more UK consumers.
The paper was published with the purpose of sparking a debate about how access to advice can be widened, PIMFA said, as there was scope for a specific, simplified stripped down form of financial advice due to a clear disconnect between the number of people who could reasonably invest a portion of their savings and the number that actually do. PIMFA added that it strongly believed in building saver confidence in retail investment products. "This support should resemble something similar to advice given the confidence consumers currently derive from a service which is both regulated as wel...
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