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Financial Advice Markets Review must establish full extent of advice gaps

12 October 2015

Access to the right money advice, support or guidance can be crucial to people securing their financial future, says Citizens Advice.

As HM Treasury and the Financial Conduct Authority invites input into the Financial Advice Market Review the national charity says it is important to establish the full extent of advice gaps.

Later this week Citizens Advice will publish a new report on the size and shape of different advice gaps identified through its research.

Gillian Guy, Chief Executive of Citizens Advice, said:

“Getting the right money advice, support or guidance can be the key to a secure financial future.

“To be a success the Financial Advice Markets Review must understand the full extent of the problems around the advice gaps.

“The price and availability of products and services  is important, but the review must also address gaps in people’s knowledge and understanding of what help they can get with planning their finances, and how to access it. The Government, IFAs, financial institutions, consumer bodies and charities should take this opportunity to work together to meet needs of consumers who want who want help to make the right decisions for their future.”

Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To get advice online or find your local bureau in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.