ABI: Thoresen review talks important steps towards improving financial capability

ABI: Thoresen review talks important steps towards improving financial capability

ABI: Thoresen review talks important steps towards improving financial capability

Commenting on publication of the Treasury’s interim Review of Generic Financial Advice, led by Otto Thoresen, Chief Executive of AEGON UK, Stephen Haddrill, the ABI’s Director General, said:

“The ABI shares the Government’s goal of better-informed, more confident and financially capable consumers. Too many people save too little or are under-insured.

“Today’s interim report takes some important steps towards meeting those goals. Strong commitments to impartiality, providing an impetus to act and being available to all are key to the success of this initiative.

“We believe the cost of the service must represent excellent value for money, or ultimately consumers themselves will have to pick up the tab. We also believe that the costs should be spread widely across different types of financial services institution, particularly Personal Accounts pensions, beneficiaries of which are likely to make a substantial call on the new service.

“We look forward to further discussion once the final report is developed.”

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Notes for Editors

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