Calls for MPs to outline financial advice plans

The foundation, which operates as an independent body aiming to support low and mid income consumers, is keen to see a thorough explanation of how financial advice will be provided in years to come.

And as debt management problems increase around the country, the foundation has called for politicians to “make a clear statement” on these issues ahead of the debate on the pension bill set to get underway in the House of Lords this week.

Sue Regan, chief executive of the Resolution Foundation, remarked: “There is a growing consensus that developing effective generic financial advice to support personal accounts should be a key priority.

“Definitive proposals should be brought forward in time for the next phase of the reform process and before the Thoresen Review’s report is published.”

Figures from the Resolution Foundation show that appropriate generic financial advice could benefit consumers in the UK to the tune of £60,000 over the course of their lives.