Royal London response to Financial Advice Market Review
3 August 2015
Commenting on the announcement today of a review of the Financial Advice Market, Isobel Langton CEO of Royal London Intermediary business said:
“Royal London welcomes the government’s announcement for a review of access to financial advice and the effectiveness of the current regulatory framework.
While initiatives such as auto-enrolment provide an important foundation towards building a savings culture in the UK, action is still needed to create a more financially resilient and secure society.
Access to regulated financial advice should be more readily available to all UK consumers. Different consumers have different requirements and so we hope the review will provide advisers with solutions that allow them to offer a cost-effective service to all their clients, including those with simpler needs. It will be important for the resulting regulation to strike a balance between safeguarding consumers and ensuring that advisers are not prevented from offering affordable high quality financial advice.
Royal London would also welcome the introduction of a single financial education service which could work alongside existing initiatives to build financial literacy and provide the bedrock for strengthening the nation’s financial education.”
For further information please contact:
Gareth Evans 0207 506 6715/ 07919 170069
Berni Ryan 0207 506 6740/ 07919 170127
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £86.3 billion. Group businesses serve around 5.3 million policy holders and employ 2,859 people. (Figures quoted are as at 31 March 2015).
The Group is currently moving all of its UK businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.