Coordinating generic financial advice with existing advice services

1
Co-ordinating generic financial advice with
existing advice services

• March 2007

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• How should a new generic financial advice service
  work alongside existing providers of elements of
  generic advice?
• How should people be passed on to the financial
  services industry to purchase products?

3

• How should a generic financial advice service
  work alongside existing advice providers?

4
Some existing providers of elements of generic
financial advice

• Not For Profit Sector
• Debt advice agencies (e.g. CABx, National
  Debtline, etc)
• Other topic-specific agencies (e.g. TPAS)
• Sector-specific advice agencies (e.g. Student
  Unions, One Parent Families, Age Concern)
• Commercial Providers
• Banks through financial healthchecks?
• Employee Assistance Schemes
• Statutory Sector
• Connexions Direct, Housing Advice Centres

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• How does a generic advice service refer on to
  regulated advice?

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• Will the generic advice service
• Rely on existing system for accessing regulated
  advice?
• Have a system for choosing preferred advisers
• Can the regulated adviser rely on the advice
  provided by the generic adviser?

7

• How should a new generic financial advice service
  work alongside existing providers of elements of
  generic advice?
• How should people be passed on to the financial
  services industry to purchase products?