unbiased.co.uk comments on the Treasury Select Committee’s report into the effectiveness of the Money Advice Service

Karen Barrett, Chief Executive of unbiased.co.uk, comments: “We believe there is an important job that needs to be done in educating consumers about their finances and getting them actively involved in their personal finance needs. We acknowledge that the Money Advice Service is playing an important role within that educational remit, especially when it comes to tackling some of the more basic elements such as budgeting or the management of cash savings. The Money Advice Service is a good start for people to find some useful pointers, information and guidance on how to tackle parts of their finances.

“At the same time we know there is a very important role that the Money Advice Service cannot fulfil – which is the role of a qualified, whole of market financial adviser. Someone who can review a consumer's financial circumstances, ask questions about their goals and objectives and tailor a financial solution to the individual needs. The Money Advice Service can only take the consumer part of the way, and must stop short of where the consumer enters the tightly regulated space of actually needing financial advice. At this point, only financial advisers are able to take the consumer further towards their financial planning goals, advising them on their mortgage, investment, retirement and protection needs.

“It is onthe point of switchover from guidance to regulated advice that we are looking to the Money Advice Service to be as clear as possible–the Money Advice Service needs to clearly signpost consumers to the best advice proposition out there: whole of market financial advice. Tackling some of the biggest financial problems affecting UK consumers, such as the savings, protection or pensions gaps needs a concerted effort from the entire industry working together. And we would encourage the Money Advice Service to work with us to help consumers fully understand their options when it comes to financial advice and to refer them to a whole of market adviser wherever suitable.  Unbiased.co.ukdeals with over 450,000 consumer searches for whole or market financial advice every year so we already have the experience of dealing with consumers at first hand."

To find a whole of market financial adviser visit www.unbiased.co.uk.

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About unbiased.co.uk, the professional advice website

The unbiased.co.uk website launched in 1998 and rapidly became the UK’s leading online destination for consumers and businesses looking to find an adviser.  Now attracting over one million visitors a year, unbiased.co.uk is the default adviser directory for consumer websites recommending their audience to ‘find an adviser’.

1. business.unbiased.co.uk. 

Unbiased Ltd promotes the benefits of financial and legal advice to consumers and businesses and would like to thank the following companies for their support:

Unbiased Ltd - Registered Office: 12-14 Berry St, London, EC1V 0AU.  Registered in England: No. 06775878.