A government minister has applauded financial advisers and wealth managers for their tireless work in reassuring and guiding consumers during the pandemic.
John Glen, MP and economic secretary to the Treasury, said the industry has played a critical role in making a difference to people’s lives, savings and investments, which have been "turned upside down" due to the disruption caused by Covid-19 and three national lockdowns.
Speaking at the Pimfa Virtual Fest V2 today (March 9), he said: “The work of wealth managers and financial advisers is vital at any time but if ever there was a time their work was more vital, then it is now.
"It has a massive impact on people’s lives. When we are in unchartered territory, how do you help someone whose retirement plans have been turned upside down, how do you help someone plan for the future?
"It has been through your experience and emotional intelligence. Thank you for all you’ve done. It’s made a huge difference in people's lives.”
Mr Glen also used his keynote speech at the online event to reassure the financial industry that Brexit has provided the UK with a great opportunity to build a better regulatory future.
However, he was keen to stress that the UK’s exit from the European Union would not lead to a bonfire of EU regulations.
He said: “Our departure from the EU provides us with a chance to do things in a different way, to have different regulation when we need to and be better where we can, to adapt quickly, and to take advantage of business opportunities.
“But this is not a race to the bottom and not a bonfire of EU regulations.”
The Conservative politician also said he is keen to build a savings and investment culture, protect consumer rights and acknowledged the financial advice industry’s concerns surround the rising FSCS levy.
However, he cited that it was a challenge to find a balance between the consumer confidence that comes from the levy and excessive charges to industries such as financial advice.
Aamina Zafar is a freelance reporter for FTAdviser