Jan 29 2008
Many people are unaware of the meaning of financial terms and industry jargon and as such are ill-equipped to make informed decisions such as when dealing with Sipps.
Such is the opinion of pensions minister Mike O'Brien, who welcomed the Association of Independent Financial Advisers' (Aifa) Manifesto for Advice, which was published today.
Mr O'Brien stated today that it represents an "important step in advice provision" which may well be welcomed by older people looking to make arrangements to help with their descendents' futures by setting up a child trust fund.
He continued to note that the most valuable advice is given in the interests of the consumer and as such "there must always be a strong segregation between sales and advice".
Concluding, Mr O'Brien stated that it is essential that there is "consistency and continuity" in advice provision, citing the current stock market volatility as an example of the quick changes which take place in the financial world - and which are certainly of relevance to many savings products for both children and those looking to retire.
Aifa was launched in 1999 and lobbies bodies such as the Financial Services Authority, government and the EU.
