Press comment: Rules of Thumb and Nudges: Improving the financial well-being of UK consumers | Old Mutual Wealth
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Press comment: Rules of Thumb and Nudges: Improving the financial well-being of UK consumers

11/04/2017

If you are covering today’s report, Rules of Thumb & Nudges: Improving the financial well-being of UK consumers, published by the Financial Advice Working Group (FAWG) for HM Treasury and the Financial Conduct Authority, please see the following commentary from Old Mutual Wealth chief distribution officer and FAWG member, Richard Freeman.

The report aims to emulate the ‘five a day’ rule, with prompts and rule of thumb phrases designed to encourage people to engage with their finances.

It found nudges could help people engage if they are simple, actionable & intuitive and if prompts were applied at relevant points in people’s lives.

The report recommended that rules of thumb and strategies for communicating them be subject to behavioural testing and that the Financial Capability Board work with government, charities, industry and other stakeholders on implementation.

Richard says:

Richard Freeman

“Simple rules that stick in the mind can help to change behaviours, and over time could foster a savings culture that makes us more financially savvy, prosperous and secure. But that will only happen with political support.

“Sustained awareness campaigns in other spheres of life have helped to shape our behaviours in the public interest. We now need that same sustained support to embed the foundations of financial well-being into everyday life.

“The proposed behavioural nudges will help people keep on top of their finances, think about the long-term and get the right expert support, whether that be from government-backed guidance services, advice from a professional financial planner or help from a charity.”

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com
Kathleen GallagherOld Mutual Wealth023 8072 629307990 004932kathleen.gallagher@omwealth.com

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.