Call to not overlook ‘Basic Advice’ regime that has the potential to address one quarter of the UK financial services ‘advice gap’
Foresters Financial is calling on the FCA, Treasury and Government to ensure that the proven Basic Advice model is not overlooked either purposefully or inadvertently as a result of the ongoing FCA and HM Treasury consultation on financial advice and guidance – The Advice Guidance Boundary Review (AGBR).
The call comes as Foresters launch a ‘White Paper’ – The Overlooked Solution : Why Basic Advice Still Matters, setting out that Basic Advice has the potential to address a quarter of the UK financial services ‘advice gap’. The FCA estimate that 15.8 million UK adults may have needed support in relation to financial products in the last year but did not receive it.
About Foresters Financial
Financial security and living your purpose
Foresters Financial has helped people protect their family’s financial future for 150 years. But we’ve also gone beyond that, giving our members opportunities to do more for their health, communities and the causes they care about most. Foresters is an intrinsically purpose-driven organisation working to enrich family and community well-being. Alongside offering life insurance and savings solutions in the UK and life insurance in the US and Canada, Foresters partners with members to help them do more of the good they want to do.
We’ve been a dedicated group of community builders since 1874 and today, sustainability, environmental consciousness and social responsibility are central to delivering our purpose. That commitment has continually led us to provide meaningful lifelong benefits1 to our members, like Foresters Care grants that bring communities together, Competitive Scholarships2 to help create a brighter future for young leaders and others that support a world where more good happens. Together, we’re making a difference while inspiring others and new generations to give back.