Press comment: Economic secretary on the future of financial advice
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Press comment: Economic secretary on the future of financial advice

13/04/2016

Following Harriet Baldwin’s speech on the on the future of financial advice the following comment was made by Richard Freeman, Old Mutual Wealth chief distribution officer. 

“Individuals will be able to get up to £500 from their employer to cover the cost of advice, as well as accessing £500 of their pension pot early. Combining the two means consumers will have access to £1000 to fund the cost of advice, with half the money coming from the company they work for. This should mean that anyone who wants advice can afford to pay for it. It is key that employers are urged to consider offering staff the full £500, a cost-effective way of helping their employees plan for life after work.

“Government has also indicated it will commission firms and charities to provide guidance in future, rather than government offering those services under its own brand, such as the Money Advice Service. This should create competition among businesses and not-for-profit organisations to come up with effective financial guidance services. This means the success of guidance services can be closely monitored, with successful programmes awarded further funding.

“In order to fully address the advice gap, it is important that we facilitate growth in the advice sector. Reform of the Financial Services Compensation Scheme and other measures designed to reduce the cost and compliance burden on firms will be extremely important in making this happen.”

 

For more information or to speak to Richard please contact:

 

Michael Glenister:

 

0207 7789 638

 

07469 144 535

 

 

 

Tim Skelton-Smith:

 

02380 916998

 

07824 145076

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• Private Client Advisers to Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.