'We need wise heads' - AIFA's Cummings on the new Govt

Restoring faith in saving for retirement and cutting the protection gap...the new Government has a busy time ahead, says AIFA director general Chris Cummings.

In that joyous "Haynes Manual" of how government really works: "Yes Minister", Sir Humphrey Appleby, Jim Hacker's Permanent Secretary famously remarked: "A career in politics is no preparation for Government".

Today will see the appointment to ministries of state some politicians who have not grasped the levers of power before.

Their experience will be of running their own business, working for others, or of working only in the political world.

Today they will become responsible for departments where spending may run into billions and which employ tens of thousands of people - in Andrew Lansley's case - hundreds of thousands.

At times such as these those who have held office in the past and, it would appear, will do so again, such as Ken Clarke and Lord Hunt, will be of great value to the new governing coalition.

Those who are outside of the day-to-day hurly-burly of politics but who have held high office in the past, such as John Gummer, will also be ideally placed to offer advice to the new teams.

Dealing with the ship of state is a mammoth task - but turning it from a course it has been on for 13 years will take deft, but determined, seamanship - and that is why those who have crewed before will be needed now.

The civil service can, of course, be relied upon to act impartially to implement the policies of the new government.

But getting a new minister's will through the machinery takes force of character, and an understanding of what can be done.

Once again, the need for advice from those who have "been there, done that" is self evident.

The challenges that face the country are vast - and so should the determination to drive through the change that is needed.

In our world, we welcome an opportunity to speak to a new government about the desperate need to restore a savings culture - personally and as a nation we need to rediscover thrift and true prudence.

We need trust and faith in saving for retirement restored; this can only come with certainty that someone making provision for their old age will not be penalised or have their endeavours rendered meaningless through means testing.

We need action to address the protection gap. And we need to help people better manage their debts - recognising that credit is useful but can become an expensive habit!

The government has a great deal to do. Regulatory reform is expected - as is a debate about the shape and role of the banking community.

We look forward to speaking to government on these issues.

We need a fair, proportionate, accountable and cost-effective regulatory regime. A system that prizes diversity of business model - and fair competition between them.

And a system which prizes helping people to save and protect themselves, where the best isn't made the enemy of the good - and where individuals recognise they have some responsibility for the actions they take.

In that way, we will address some of the problems that currently beset not only our industry but also our society.