The Association of Independent Financial Advisers has given its support to the governments financial capability scheme, which will see the launch of a national generic financial advice service.
Chris Cummings, director general of AIFA, says: Any move to improve financial understanding and capability among the general public is a step in the right direction.
“We believe there is a major difference between generic information and generic advice – the two must not be confused.
Information, by its nature, is generic but advice implies a personal understanding of someone’s individual needs.
Consumers need to have the reassurance of which is being delivered if problems are not to arise in the years ahead.
“AIFA has, since inception, been heavily involved in the financial capability programme and we support its aims and objectives.
We will offer every assistance to support the creation of the centres as we recognise that this initiative will increase the public’s perception of just how valuable a commodity professional advice can be.”