the Future of advice
Consumers have never had more choice to decide how to save and invest their money. This represents a significant opportunity for this industry and helps support a key strategic objective for PIMFA – access to the sector. Whilst we are agnostic about how people save and invest their money, we are steadfast in our belief that those who do so supported by regulated financial advice, tend to overwhelmingly receive better outcomes relative to those that do not.
The need for consumers to receive support in their financial decision making has never been greater. Consumers now have more responsibility for their financial health and wellbeing than ever before, and the financial landscape is more complex than it was even a decade ago. Yet, despite this, the take up of advice – although healthy – remains low with current guidance inadequate for the vast majority of savers and investors who need support.
PIMFA strongly believes that this Advice and Support Gap needs to be addressed by both the Government and Regulators, ensuring that people are able to access the right support, at the right time, when they need it most. This means setting out a bold vision for UK consumers which both enables them to access meaningful, engaging information to help them make complex decisions, as well as giving them access to the right channels to support them where more help is needed.