Financial Services: Advisory Services

Treasury written question – answered on 25th March 2013.

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Photo of Brian H Donohoe Brian H Donohoe Labour, Central Ayrshire

To ask the Chancellor of the Exchequer what assessment he has made of the potential effect of the introduction of the proposals in the Retail Distributive Review on the ability of low net worth investors to obtain affordable independent financial advice.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The Financial Services Authority's Retail Distribution Review aims to raise the professional standards of advisers, improve the clarity with which firms describe their services to consumers and make clear the cost of investment advice—addressing the commonly held perception that advice is free.

For a significant group of consumers, including low net worth individuals, it may not be justifiable for them to pay for advice based on the amount they have to invest. For these consumers, generic, free advice services, including the Money Advice Service, will remain a useful source of guidance, enabling consumers to make informed decisions about their finances.

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