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Comments
This shows a complete failure of regulation
Over a decade of regulation by the FSA which was set up to "protect the consumer". We have had every rule, regulation, fees, and costs that anyone could possibly think of and now we have to pay for a financial advice service to help consumers get "free" advice. Is this by any chance because it is now so expensive for any firm to give advice due to the ever increasing costs and incompetence of our regulatory system? How good is this "free advice" going to be and who do they complain to if it turns out to be poor? This can hardly be considered progress when we now have to fund on a "charitable basis" the giving of "free advice" because many now cannot afford or do not want to pay for advice due to the actions of the very people and organisations that were set up to protect the very same consumers !! When will it all end I wonder ? Soon we will need a "free advice" service for advisers on how to get help because of the FSA ? Time we had a vote of "no confidence" in the FSA as that is about all we can do seeing as they are protected from being sued or otherwise for any mistakes they make even though we pay them to do the job they repeatedly fail to do. Our wallets are open yet we have no say or control of what they do they just keep dipping into them regardless of their own failings or responsibilities
Posted by: Michael Fallas
Great Idea
Its funny but just this morning I was discussing with a colleague what happened to all the old IB and OB policys that used to cost a few pounds a month. The reality of the modern fully regulated financial world is that there are millions of people out there who feel they cannot talk to financial advisers and advisers that cannot afford to talk to them. Anything that gives them at least a degree of help in managing their money can only be a good thing.
Posted by: Kev S
Fantastic
This is exactly what we need to help get this country out of recession, more public sector jobs at the expense of the private sector. I love Labours ideas on job creation. Can I join the Superann scheme?
Posted by: Tom Evans
The National Finance Service is Born!
Similar to the National Health Service it offers General Practioners, (IFA's) paid £260,000 p.a. by the state, the ability to assist the general public with their finances for free. To provide that all important base level of assistance. Oh sorry I just woke up and it was all a dream! Snigger
Posted by: www.MortgageShop.com
Come back Lewis Carroll. all is forgiven
Talk about Alice in Blunderland. So the phone will be answered by "fully trained" advisers. Not fully qualified, I notice. So, to be on a level playing field, can I now go beyond 2012 without Level 4. Of course not, but I will still have to pay for them. Very Red Queen. "Anything can mean whatever I say it means". So where is the free advice service on legal and tax matters, paid for by Solicitors and Accountants? Of course it will not happen as they are self regulating professions and don't have the FSA monkey on their backs.
Posted by: Mike Hillier
Winey advisers ??!!
I assume I am being accused as are others of being a "winey sales advisor" Well I would dispute that description and I have offered my cleints fees based advice for 20 years but for me the issue here is why we are paying for this and indeed why after the most onerous regulation of any western country we have made no progress in educating the public on financial matters or indeed encouraging them to save. Much of this I blame on an incompetant regulator and I am all for better financial education for everyone, I would however prefer it to be with those who have the experience and have the necessary skills to provide ongoing advice and not be a short stop low cost solution. This does not solve the real problem. It is like plugging a leak but is not a long term solution.
Posted by: Michael Fallas
Another Charity
This is not free advice. The advisers are paid by someone. This is either a Charity, that should be regulated by the Charity Commissioners, or a Government Department. What legal powers are there for raising the money from the sources stated to pay for this service. And will those providing the advice be required to take exams, be regulated by the FSA, and provide all the background administration that IFAs are required to provide? There is certainly a gap in the market that needs to be filled, but fragmenting the market further seems a strange way of providing the solution.
Posted by: Glen McKeown
Another Charity
This is not free advice. The advisers are paid by someone. This is either a Charity, that should be regulated by the Charity Commissioners, or a Government Department. What legal powers are there for raising the money from the sources stated to pay for this service. And will those providing the advice be required to take exams, be regulated by the FSA, and provide all the background administration that IFAs are required to provide? There is certainly a gap in the market that needs to be filled, but fragmenting the market further seems a strange way of providing the solution.
Posted by: Glen McKeown
Precious metals
Bet they won't be recommending gold or silver as a good investment. This service is linked to gov't who don't want competition for their paper funny money.
Posted by: very sceptical
To About Time
It is interesting to see that you are so proud to support this initiative that you are too embarassed to add your own name to the support for it............. If you have the courage of your convictions, then stand by them, otherwise your opinion is pretty worthless.... And for the record, i have not decided whether this initiative is a good or a bad thing, but I certainly will not look on it favourably if those who support it are cowards.
Posted by: Phil Castle
Open your eyes !
re : accountants and solicitors : We have had free advice lines provided by HMRC for a long time,they do not advise just read the HMRC information sheets. And the additional business link disaster, of failed business men advising business, these guys think they know everything and are a thorn... My point is that the entire system of advice is under threat! This government believes in state control but expects the private sector to pay for it. The entire dumbing down process and oppressive legislation is occuring everywhere!! Open your eyes !
Posted by: Spike