A SUBMISSION TO THE THORESEN
REVIEW OF GENERIC ADV
How this submission was developed
About The Financial Services Forum
DS1. How can consumers be encouraged to improve their financial
capability and to take an interest in their personal finances?
DS2. Are there campaigns that have effected analogous behavioural
change relating to generic financial advice or other scenarios? What made
DS3. What would an attractive brand for a generic financial advice service
DS4 Is there any evidence on which engagement mechanism(s) is likely to
work best overall and with different segments of the target population?
DS5. For face-to-face advice, are there particular locations that would be
attractive generally for different segments of the target market?
DS6 Do you believe a new generic advice provision would lead to a change
in consumer behaviour? If so, how?
A SUBMISSION TO THE THORESEN REVIEW OF GENERIC ADVICE PAGE 2
This submission focuses on section D of the Call for Evidence (CFE): How can potential users be
engaged? The CFE seeks evidence on how consumers "can best be attracted to using a generic
advice service, including how can they be motivated to take an interest in their financial affairs".
In some respects, this is ‘putting the cart before the horse’, as no professional marketer would start
to design the marketing and engagement strategy before having designed and tested the product.
However, with that caveat, we have endeavoured to make some assumptions as to the nature of
the product and to make some observations on the issues and challenges we see in designing and
implementing a strategy.
We have addressed the six questions raised in section D, providing some observations on the