TISA, the financial services membership association, has established a Consumer Protection Policy Council which will focus on informing policy and regulation on protection issues.
The council will focus on protection issues and will support TISA's savings and investments policy work to improve the financial resilience of UK citizens.
The chair of the council is Johnny Timpson, financial protection technical & industry affairs manager at Scottish Widows Protect.
Sara McLeish, director, EMEIA financial services at EY is deputy chair.
The council will also collaborate with industry trade bodies and consumer groups.
David Dalton-Brown, director general of TISA said: "It became evident as we prepared our response to the Financial Advice Market Review (FAMR) that our members wanted us to provide this focus for protection. I'm delighted that we have been able to meet this request."
Dalton-Brown said TISA was developing proposals to encourage people to develope a lifetime financial plan.
This would inform policy as the association followed up on its Financial Advice Market Review (FAMR) submission.
He added: "Creating this policy council gives us a wealth of practitioner expertise to draw on, as well as providing members with an opportunity to lead the way with new strategic thinking about how to ensure people are better able to withstand unforeseen life events."
Johnny Timpson, chair of TISA's Consumer Protection Policy Council added: "A number of trade bodies, along with MAS are already working on initiatives to better educate consumers about the benefits of improved financial resilience and appropriate protection solutions.
"The Seven Families initiative from the Income Protection Task Force being a great example of what can be achieved by collaborative working around a shared objective."
He added: "Our remit is to support and build on this by developing thought leadership on innovative ways of making consumer protection more appealing and relevant to people both at home and in the workplace.
"We will be working closely with TISA's Technology Innovation Policy Council as digital solutions become increasingly important to future distribution and consumer interaction."
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