Developing a Kitemark for financial guidance is among six recommendations outlined by The Savings and Investment Policy project aimed at rebuilding a culture for saving.
The recommendation by TSIP project, launched by the industry trade body Tisa, would require the industry and City regulator to work together to develop a framework for financial guidance that could be adopted by financial service firms.
It is aimed at bolstering access to guidance for the public and help them make sound financial decisions.
Speaking at the TSIP project proposals launch, which took place at the BlackRock offices, Charlton Hood, customer director at Old Mutual Wealth, said: “We want to give people the confidence with something that is hallmarked, that has a safety standard on it which says, ‘look, this is advice we can trust because the industry and the regulator have got together to say this is advice we can trust’.”
The TSIP project also recommended the creation of a ‘savings minister’, who would operate within the Treasury to promote consumer savings within government, as well as the development of a digital passport – aimed at simplifying the management of money and make it easier to save.
The other recommendations included increasing financial capability, pension tax reform and improving pension contributions.
Tony Stenning, chairman of TSIP project and head of UK retail at BlackRock, said: “These recommendations represent an opportunity for government and the entire financial services industry to work more closely together to secure the financial wellbeing of future generations.
“Saving benefits everyone and promotes growth, stability and prosperity for the future of the UK and its people.”
Adviser’s view
Abi Stidworthy, IFA at Strategic Solutions Chartered Financial Planners, based in Devon said: “The dangers of getting into debt should not be underestimated, and as an industry we need to endorse initiatives that help promote the benefits of saving and encourages people to do so. I would whole heartedly endorse any new initiatives which help people feel more confident about their decision to save and encourage them to seek advice.”
