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Money Advice Service consultation on adviser directories

Response from the Chartered Insurance Institute

Publication date:

14 July 2014

Last updated:

06 July 2018

Author(s):

Policy and Public Affairs

The CII (which includes the Personal Finance Society) agrees that the process of referring customers to regulated financial advice needs to be improved, but disagrees that the Money Advice Service should create a single adviser directory.

However, we disagree that the answer lies in building a new adviser directory hosted by the Money Advice Service (MAS). This would duplicate services already offered, would require a considerable investment of resource in an area outside of its existing capability, and yield limited overall benefit.

Instead we think better coordination among directory providers is needed, and that MAS should work with those organisations to establish a set of common criteria on usability and access parameters so that customers experience a more similar journey.

This exercise could be made more effective if MAS considered improving the technology on how these external directories link to its website. Adopting technology that integrates the compatible directories more seemlessly into a customer-controlled search "front end" hosted on the MAS site would make full use of existing resources while creating a far simpler journey for customers.

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Related documents:

Freedom & choice in pensions: HM Treasury response and FCA consultation (CII Policy Briefing)

CII response to HM Treasury consultation: Freedom & choice in pensions

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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