Press Release
GENERIC FINANCIAL ADVICE MUST BE PROPERLY TARGETED
22 October 2007
Responding to the Interim Report of the Thoresen Review of Generic Financial Advice, Stephen Sklaroff, FLA Director General, commented:
"The UK consumer credit industry agrees with the Thoresen review that improving customers' understanding of, and responsibility for, their financial affairs is very important. Responsible lending needs to be matched by responsible borrowing. Good quality advice will help. But as the report rightly recognises, many organisations already provide such advice. It will be important that any new service genuinely fills gaps and adds value, and that any costs to the industry (and hence its customers) are fair and proportionate. The FLA looks forward to responding in detail to these and the other questions raised in the report."
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