Election: Government urged to make firms provide financial MOTs

PIMFA, the UK’s trade body for the personal investment services and financial advice profession, also urged Boris Johnson’s new administration to commit to a financial capability framework for the UK’s savers.

The association said firms should work with all employers to roll out financial check-ups undertaken by a regulated financial adviser.

Liz Field, chief executive of PIMFA, said: “Financial education is contained within the PSHE module within schools, however, there is a lack of coordination at national level about what this should contain and to what level. This needs to change if individuals are to be informed about their financial needs throughout their life and how to plan their financial future, at all ages but particularly at a younger age so they start saving early.

“Engagement is a desirable end in financial policymaking but only if it is achieved with the right level of context and understanding of individual options. As a result, we believe that organisations should provide ‘financial MOTs’ at age 30, 40, 50 and 60 undertaken by a regulated financial adviser.”

Elsewhere, SME funders called for more clarity for entrepreneurs and investors. SMEs make up more than 98 percent of all private sector firms across the UK, and account for 16 million jobs.

Luke Davis, chief executive of IW Capital, an investment house that funds small businesses, said: “Investors and entrepreneurs will be pleased to see this result – not least because Labour pledged to raise both income and corporation taxes. The surges in both the Pound and FTSE indexes that we have already seen show the confidence in the Tories being the party of business and progress. The talent and drive in the SME sector is already there – now they should have the confidence to achieve their goals.

“What SMEs will want to see now is certainty around leaving the EU so that they can grow and scale with confidence. There is a tremendous amount of ambition in the small business community and especially in innovative entrepreneurs – we hope to see the Tory government support this community.”