Projects
Gateways to financial services
Private pensions and other financial products are becoming more important as the Government moves away from full state welfare provision But many consumers lack the time or knowledge to choose private financial services that best meet their needs, and many financial institutions are trying to target their products on high income groups only.
Independent financial advisers are expensive, and the cost of their work is passed on to the consumer in the form of charges on pension contributions, etc. One solution may be for Government to encourage "gateway’ organisations to find the best deals on behalf of large groups of consumers. These organisations could include trade unions, housing associations and even local authorities. They can help to ensure that financial services are available to average and low income groups, who as individuals face gradual exclusion by banks and other financial institutions anxious to concentrate on high earners. They can also help cut insurance costs for many consumers.
This project was concerned with analysing such issues and identifying what needs to be done to allow gateway organisations to flourish. Contributors to the pamphlet include:
- Adrian Boulding, Pensions Strategy Director at the Legal and General.
- Barry Dixon, GPMU Consultant on the Printing Industry Pension Scheme.
- James McCormick, Research Director of the Scottish Council Foundation.
- Professor George Yarrow, Director of the Regulatory Policy Institute and a Senior Research Fellow, Hertford College, Oxford.