We want useful and easy to understand financial guidance and advice to be a routine and easily accessible service for our customers and we have started discussing our designs for how we might achieve this with the authorities.
Currently, there are complex rules for debt and investment help which draw a fuzzy line between guidance and advice. Also, it is important that some advice is provided independently and you are protected from miss-selling. We think we could help in a better way, make it easier to understand your benefits and risks and ensure transparency.
Concurrently, there is a wider appetite for review; this from the you.gov website:
HM Treasury and the Financial Conduct Authority (FCA) have launched a joint consultation exploring what can be done to improve customers’ access to financial advice. The consultation, which is the first major milestone of the Financial Advice Market Review, will focus on the following questions.
- what kind of financial advice do consumers want?
- are there gaps between the financial advice that consumers want, and the financial advice that they can access and afford?
- how can these gaps be closed?
- what role could technology, such as “robo-advice”, play in improving access to financial advice?
Economic Secretary to the Treasury Harriett Baldwin said:
‘A key part of that is making sure that people can access high quality, affordable, tailored advice and guidance to help them make informed financial decisions, whether that is saving for their first home, taking out a mortgage, buying a car, or saving and investing for the future.’
We want to contribute to the consultations and think that this is an opportunity to let your voice be heard. Let us know what kind of advice you would like to get from a bank and how you should contact or receive that information.
You can fill in the form below or complete the short anonymous survey of 15 quick questions which will take less than a couple of minutes to complete. It should help us influence the future provision of financial support - it will certainly help us to help you!