The Financial Services Consumer Panel has called on the government and the Financial Services Authority (FSA) to establish a centrally-funded service, which would offer financial planning advice to consumers.
The Panel said consumers need advice on what types of products would be suitable for them, even when the transaction was likely to be of low value or no sale was to be made at all. In response to the FSA¹s Consultation
Paper 121 on reforming 'Polarisation' rules, the Panel said financial planning advice was vital for customers to take more responsibility for their future.
Chairman of the Panel Colin Brown said: "People are being pushed to take increasing responsibility for planning their own financial future. They need a trustworthy advice service which is not just part of the commercial sales
process. It needs to offer financial health check that go beyond savings and investments and include debt, benefits and protection insurance."
