Generic financial advisors ‘must be assessed’

The Chartered Insurance Institute (CII) suggests that only through appropriate evaluation of prospective generic financial advisors will the public be protected and assured of receiving a sound service.

In addition, the CII is calling for the government’s financial and debt advice plans to take heed of a Citizens Advice observation that consumers particularly value face-to-face services.

Director general of the CII Dr Alexander Scott commented: “We fully support the vision of providing unregulated personalised generic financial advice to promote financial inclusion amongst those in the lower to mid income bracket, and believe it can be made to work.”

The government has outlined its plans to reduce the impact of financial exclusion around the UK in its document entitled Financial inclusion: the way forward.