IFA brand is 'irretrievably damaged', says Johnson

The IFA label represents an "irretrievably damaged brand" and should be "consigned to history", according to a pensions report released today.

Titled Put the Saver First and written by pensions analyst Michael Johnson, the report argues that IFAs should forget about "advice" and focus on "financial planning". The report, which has been reviewed by Conservative and Labour peers, aims to catalyse a savings culture in the UK, a shift it argues is currently impeded by an under-performing and partially dysfunctional retirement savings industry. It argues that the UK's household savings ratio (HSR) which averages just 6% (compared with a European ratio of 15%) is low in part because of widespread public enmity towards the industry...