The panel, which met for the first time in January, is tasked with advising the PFS on its delivery of information to consumers and its public education drive.
It consists of organisations and individuals who are deemed to have “significant consumer insight”, such as the Financial Services Consumer Panel, Age UK, Which?, the Money Advice Service and The Pensions Advisory Service, alongside PFS leaders.
So far, the panel has identified key areas on which to focus its attention, including: the ‘advice gap’; simplifying the customer journey; making financial services easier to use; what does good advice look like and are consumers getting good advice?; developing and improving research and insight; and balanced communications and guidance.
PFS chief executive Keith Richards said: “With the growing focus on the need for better consumer education on financial matters, the consumer insight panel will provide the PFS with input from organisations who understand and represent consumer views and best interests, putting the needs of the consumer even more at the very heart of [our] work.
“The changes brought about by the RDR are not widely understood by the public but represent an opportunity for the profession to change perception among those who have never engaged with a professional adviser.”
PFS non-executive director Teresa Perchard and panel chairman added: “I am extremely pleased that we have had such a positive response from leading consumer representatives who have agreed to join the panel and work with us to identify how the financial planning community can improve consumer trust and confidence in financial advice and deliver the best possible financial outcomes for consumers.”
