Thoresen questioned on generic advice estimates

With the highest possible costs only giving £15.60 per person, industry is in doubt whether generic advice system can deliver sufficient benefits

Several groups have questioned the estimated costs of Otto Thoresen's generic advice service, with even the highest predictions providing under £16 per person. The Aegon chief executive published an interim review last week proposing that the financial services industry and Government should each pay half the costs of a free generic advice service for consumers. Thoresen estimates the service would cost between £40m and £80m a year. With a budget of £78m a year, the report estimates five million consumers could be served at a cost of £15.60 each. The figure would depend on costs being k...