A post-RDR ‘united profession’ working group has been established.
The inaugural meeting was hosted by the Personal Finance Society at their London offices, where they welcomed 11 other professional and trade bodies (ABI, AIC, AMI, APFA, CISI, CML, IFA Centre, IFP, IFSUC, IMA & SMP), to discuss their respective objectives, share market insight and consider a range of potential joint initiatives for the future.
Among the topics discussed were rising consumer expectations and needs, the savings gap and the unintended consequences of regulation on both the industry and the public at large.
The group also agreed to seek greater engagement with bodies such as the Money Advice Service (MAS), to help them deliver the most appropriate service to consumers.
“The group represents an opportunity to harness the untapped potential of working collaboratively,” explained Personal Finance Society chief executive, Keith Richards, who added that fragmentation ultimately dis-serves both the public and the industry as a whole, fuelling mistrust and attracting tougher regulation.
“Whilst each organisation involved will have different and sometimes opposing objectives, the willingness amongst the group to be more united is encouraging and can only lead to better outcomes for all. As a sector, we face a number of common challenges and opportunities, so it makes good sense to support each other wherever possible and better understand where potential conflict can be avoided.”
The group agreed to begin by looking at ways in which they could all provide support to current campaigns such as the Institute of Financial Planning’s ‘financial planning week’, APFA’s lobbying of local councils on the provision of long-term care and Personal Finance Society’s ‘consumer confidence campaign’ to name but a few. The group hope that this will help to avoid any fragmentation and dilution of effectiveness through duplication, which has often been the case in the past.
Annette Spencer, director of communications at the Investment Management Association (IMA), said: “Although we represent different parts of the financial services spectrum and its stakeholder groups, it was interesting to learn about the range of positive and aligned initiatives being undertaken by the many trade and professional bodies in attendance.
“If the ‘united’ group can meet regularly, we believe other opportunities to increase consumer understanding and promote the value of the financial sector will naturally emerge.”
Future meetings will be expanded to ensure the forum covers the full breadth of the financial services sector, with further organisations expected to be added to the founding 12.
