Generic Financial Advice Not Good For All

National Consumer Council

The National Consumer Council say that the idea that generic financial advice is seen as good for all is dangerous and it must not be used a service for free advice, when people would have ordinarily paid for the service.  

The National Consumer Council has concerns over the emphasis on numbers, not on whether people are getting the right advice.  

Shadow Treasury minister David Gauke agrees with The National Consumer council and believes that generic advice should not been seen as a solution to cure the savings problems in the United Kingdom.  He believes that a better informered consumer base will provide a better service for the economy.

Our view

This is like 'the blind leading the blind'.  As ever, what we need is some form of 'Financial Aid Board' where people whop cannot afford financial advice are given a paid for consultation.  Most financial advisers already offer a free initial consultation but do it with the possibility of attracting a client.  If there were a publicy or industry funded service that allowed for 30 minutes to one hour with a professional it would be so much better than a poorly qualified, inexperienced 'adviser' if you can them that offering what would be known as generic advice.

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