APFA calls for improved access to financial advice
23 March 2015
Ahead of May’s General Election, the Association of Professional Financial Advisers (APFA) has today launched its Manifesto for Financial Advice. The Manifesto argues that more must be done to ensure all consumers can better access financial advice and makes specific calls on the government, the regulator but also the industry itself to ensure this becomes a reality.
Chris Hannant, Director General of APFA, said:
“Securing access to affordable financial advice is increasingly important for all. Most people either lack the skills or the will to properly manage their finances and pension flexibility poses a significant challenge to those retiring now. Over recent years, we’ve seen an advice gap widen, with the numbers of advisers falling and cost of financial advice rising, putting it out of the reach of many. This is a worrying trend. Closing this advice gap must be the number one priority for the profession.”
Recent research conducted by NMG Consulting on behalf of APFA found that different regulatory costs (58%) and low awareness of the value of financial advice (25%) are the biggest issues affecting their business today.
Chris Hannant added:
“The next few years are going to be crucial, as regulatory and policy changes bed in. We hope APFA’s manifesto can be a tool for the continuing conversation between the industry, government and regulators, as we work to create an environment where financial advice benefits as many people as possible.”
The key calls from the manifesto include:
- a stable policy environment for advice, savings and pensions after what has been an unprecedented period of change
- reduced regulatory costs, such as reporting requirements and a simplified FCA handbook
- greater promotion of the value of financial advice and the opportunities it can help access
Chris Hannant added:
“Policymakers must do their part, not least by ensuring a stable environment and a reduced regulatory burden to help bring down costs and give the room for the financial advice industry to innovate. There is an onus on the industry itself too, and it must do its part by innovating and bringing new, lower cost services to market which better suit the needs of customers today and in the future.”
APFA’s full Manifesto for Financial Advice is available here: http://www.apfa.net/Documents/Publications/APFA-Manifesto-March-2015.pdf
ENDS
