Government Sets Out Plan to Reform Financial Advice Markets

August 5, 2015

The ways in which consumes around the UK access and receive financial advice ought to change, according to the government, which has announced the launch of a wide-ranging review of the entire market.

It is hoped that reforms of the financial advisory industry will give Brits a better chance of receiving the kind of financial support they need as they look to tackle a full range of money-related matters over the course of their lifetimes.

The government describes the planned review as building on pension reforms which recently opened up access to entire pension pots to anyone over the age of 55, regardless of whether they’re retired or not.

However, charity groups including Citizens Advice have called for the review of financial advisory markets to carefully consider the ways in which indebted consumers around the country deal with their difficulties.

“Getting the right money advice, guidance or support can be key to a secure financial future,” said Gillian Guy, Citizens Advice chief executive in response to news of the government’s review.

“At every stage of life it is vital that people have access to the right advice and guidance for their financial circumstances, whether that’s help managing their money, dealing with debt issues or getting guidance on key decisions around pension choices or investment.”

The review into the ways in which financial advice is provided throughout the UK was announced by economic secretary to the Treasury Harriet Baldwin while on a visit to various financial service providers in Glasgow and Edinburgh.

In Scotland, new rules were recently introduced that insist that anyone looking to enter into a statutory debt relief solution should receive financial advice from experts in the field before doing so.

The associated legislation, which came into effect earlier in 2015, has already been credited with helping to reduce the number of Scots entering sequestration or a Protected Trust Deed on a quarterly basis.

According to the Accountant in Bankruptcy, the second quarter of 2015 saw fewer men and women from around Scotland enter into a form of personal insolvency than has been the case since 2000.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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