A Levy To Clear Our Own Noise Pollution

Richard Nolan

Operations Director

The Financial Services Forum

Clive Cowdery, founder of Resolution, says the industry now needs to spend £50m more to straighten out the confusions created by its own advertising.
There is a pressing need to get a service offering generic financial advice or money guidance operational as soon as possible. However, it is vital that any such authority should be as useful as possible. It will be easy to default to being simply an information booth, but this shouldn’t be allowed to happen.
It should ask lots of direct interventionist questions. That’s controversial. I understand that. But it’s right at the heart of what research has shown is needed – a direct conversation that falls short of telling you what to do but is quite close to it.
A truly useful service will ask people about their policies: How long have they had them? How much are they paying into them? What are their plans going forward? It can’t just be an outlet where someone seeking guidance will be handed a brochure explaining why high interest rates are worse than low ones, for example. I think there is an interesting conversation to be had about this. Not least about how it might be funded.
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