Wealth management advisers 'should be more responsible'


Wealth management advisers were among the priorities mentioned by a team of market specialists discussing ways to improve financial services.

Socially-responsible corporate banking was also considered an important issue by representatives from the Financial Services Consumer Panel (FSCP).

Recommended measures included ’dependable later life products’ - these may be welcomed by individuals concerned with wealth management - and responsible mortgage lending.

The group advocated ’intelligent regulation’ to maintain the correct balance between safeguarding money and protecting customer-bank relationships, as well as proactive financial sector monitoring to identify and deal with potential problems.

Panel chair Adam Phillips commented: ’The retail financial services industry is a vital service which all members of the public need to access. There needs to be a clear focus on the areas where more work must to be done.’
Representing financial services users, the FSCP aims to ensure consumer interests are taken into account in sector policy development. ADNFCR-2318-ID-19840239-ADNFCR