The ABI has called on the government to allow pension and investment providers to provide better and more personalised financial guidance. They say providers should be able to guide customers through the consequences of different decisions, to help them engage with their pensions and investments.
HM Treasury can reassure do-it-yourself investors and pension savers by reforming guidance ABI
Nathan Long, senior analyst, Hargreaves Lansdown:
“We wholeheartedly support the ABI’s recommendations. This is an opportunity to change the rules for the better, so that providers can give investors enough support to help them make better financial decisions.
We would love to tailor communications to the needs of our clients. We know it would drive engagement with investment and pensions, and improve outcomes. However, once you try to personalise communications you’re very quickly hamstrung by the advice/guidance boundary.
The current rules make it very difficult to personalise generic content with enough information to be useful, because it becomes an implied recommendation. So, for example, if someone has invested in a high cost index tracking fund, you can’t highlight specific cheaper alternatives, even if they are like-for-like, which is a barrier to investors taking action in their best interests.”
About us
Over 1.64 million clients trust us with £135.5 billion (as at 30 June 2021), making us the UK’s largest digital wealth management service. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month.
Our purpose is to empower people to save and invest with confidence and help them build their financial resilience over the long-term. We provide a lifelong, secure home for people’s savings and investments that offers great value and an incredible service making their financial life easy.
Clients rate our service highly, 90% say we are good, very good or excellent. Our expert research has been helping investors for almost 40 years through thick and thin.
In 2018, we also launched Active Savings, an online cash savings platform that lets savers move money easily between partner banks and building societies to help their money work harder without the hassle.
Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.