IMA Responds to Thoresen Report

The Investment Management Association (IMA) welcomes Otto Thoresen's recommendations for a National Money Guidance Service, and believes that the Government has to show leadership in taking this forward.  It must demonstrate that the service can build on existing debt and money services and that a sustainable, value-added, public service can be delivered.

The IMA believes the new service can complement the existing debt and money advice services and should include a focus on people who have money to spare, but do not save, and people who do not save enough. The service could help guide and educate individuals on how to plan ahead and save accordingly and show them where to find specialist advice in that process.

Commenting, Victoria Nye, Director of Training and Education at IMA said:

"There are already good quality services that help people with debt issues. It is also important to have an impartial, accessible service that will increase people's willingness to save and invest wisely for their future needs.

Educating the public on financial matters has become essential; the National Money Guidance Service has to demonstrate that it is adding value to what is already on offer - from existing debt advice services through to regulated financial advice."

IMA believes there are still significant practical challenges before a coherent service can be established, that provides real, measurable benefits for consumers and stakeholders.   It will continue to contribute as a ‘strategic partner' and in supplying information and training on investment for the service and its delivery partners.

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About IMA
The IMA is the trade body for the UK's £3,100 billion asset management industry.  The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.  Its role is to represent the industry and promote high standards.

For further information, please contact:
Noreen Shah, Press Officer, IMA, 020 7831 0898

Out of hours:
Mona Patel, Head of Communications, IMA, 07834 089 332