Liberal Democrats in Business

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Better Financial Advice Needed for Consumers - Cable

4.23.00pm BST (GMT +0100) Wed 6th Sep 2006

Vincent Cable MP for Twickenham (photography: Liberal Democrats)

Liberal Democrat Shadow Chancellor, Vince Cable MP

Commenting on the Which? Report Make the Grade published today, which concludes that less than a third of Financial advisers give good advice, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "This finding emphatically underlines the growing and glaring need for a genuinely independent system of generic financial advice which does not depend on the self interest of people trying to earn commission.

"The Government has put a lot of money into financial education and is supporting the principle of a levy on city companies in order to strengthen financial education. However, this report makes it clear that a more urgent problem is the lack of independent financial advice which people can access, before they run into serious debt."

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