Personal accounts threatened by advice failures

Failure to establish the cost of generic financial advice has endangered the Government's personal a...

Failure to establish the cost of generic financial advice has endangered the Government's personal account system, the Work and Pensions Committee has claimed. If either the costs or quality targets for this advice cannot be achieved, the performance of, and trust in, accounts could be seriously undermined, the committee said. In light of high costs quoted for a national advice system, the body is urging the Government to set out its own estimates as soon as possible, in absolute terms and as a percentage of funds held in personal accounts. This criticism forms part of the Work and Pensi...