The ABI today announced a five-point action plan which aims to encourage consumer confidence in the industry.
ABI chairman Richard Harvey told brokers at the ABI biennial conference at the QEII conference centre in London that the association would be working to support the FSA in encouraging confidence in the industry.
Harvey unveiled a five-point plan which includes objectives such as introducing a “best practice guide” on financial advertising and ensuring savings products “match the changing needs” of different consumer groups.
The ABI's Raising Standards scheme will also come under review. “Our customers need confidence that we will communicate with them regularly and clearly”, he said.
How financial advice is paid for will come under scrutiny to ensure customers have confidence that the “industry is facing up to people's biggest concerns.”
Lead by the FSA the ABI will become a “leading voice” in the “debate on future pension provision” in the UK.
In the fourth point of the action plan Harvey said “our customers need confidence that our industry is listening to them and learning how we can improve.”
Under this initiative Harvey outlined plans for a “benchmarking” service which aims to give firms the facts about “what customers really think about the services we provide”.
Lastly he pointed to the industry showing that it can work confidently with other sectors, “particularly consumer bodies, the regulator and the government.”
