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Press Release

Which? responds to the ABI / Deloitte research into State of the Nation’s Savings and Personal Accounts

Wednesday 22 November 2006

Doug Taylor, personal finance campaigner, Which? comments:
"It is staggering that the industry responsible for endowment and pension mis-selling, which so undermined the confidence of the British consumer, is now trying to undermine a Government scheme to protect the interests of the ten million people who currently have no provision for their retirement.

"Since the Pensions Commission report, political parties, consumer groups and others have been trying to build a consensus for a pension system that will create trust and gain the support of consumers. It is disappointing that this consensus does not appear to be shared by those who operate some aspects of the financial services industry.

"For the ABI to cast doubt over these landmark pension reforms will do nothing but feed a consumer confidence crisis. Recent Which? research* found that only half of consumers (47 per cent) trust the financial services industry. We need to move the debate on from points scoring and really focus on how the industry plans to instil trust to encourage consumers to save now for their retirement."



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