The time has come to tackle the 'advice gap'
In response to the Financial Conduct Authority (FCA) and HM Treasury's announcement of a joint consultation to explore how customers' access to financial advice can be improved, Guy Sears, Interim Chief Executive of The Investment Association, said:
"The Investment Association agrees that the time has come for the government and regulators to tackle the 'advice gap'.
"In light of recent pension reforms, savers in the UK are more than ever reliant upon the investment industry to deliver lifelong financial well-being. It is therefore essential that all savers have cost-effective support so they are able to plan for their financial futures.
"We welcome the scope of the consultation as it looks directly at what consumers need, and where the gaps lie between what they want and what they can actually afford.
"The Association will respond to the consultation and work with the government and FCA to address these issues with the view to creating an advice framework that is more accessible and affordable."
The Association's response to this consultation will be publicly available on its website from 22 December 2015.
