As the FCA and Treasury work on the Financial Advice Market Review, the Tax Incentivised Savings Association has outlined its hopes for a system, which caters to all sectors of society, age groups and circumstances.

This builds upon the proposals developed in March 2015 by TISA’s Savings and Investments Policy project as part of a detailed set of recommendations to re-establish a savings culture in the UK.

The body wants to see the issue of financial ignorance tackled. It said that there is a lack of individual financial education and a “wider guidance vacuum”.

In a statement, TISA said: “TISA believes a core component of tackling the UK’s savings crisis is to create a kitemarked guidance framework which provides support in making short, medium and long-term financial decisions.

“The kitemarked framework would be an industry-wide standard which is supported by enhanced education, providing generic guidance and financial planning.

“The aim is to provide financial guidance throughout an individual’s life as well as around critical financial landmarks, such as buying a property or saving for retirement.

“This would involve boosting education to enhance financial capability, better access to information and guidance and point people towards full, tailored advice where appropriate.

“Such ‘cradle to grave’ financial guidance is critical to ensuring savers are pro-active and make well-informed financial decisions, which will benefit both their and the nation’s financial security.”

David Dalton-Brown, director general of TISA, said: “The UK is facing a savings crisis, especially regarding retirement where we face a tipping point in 2035 when future generations will retire worse off than their parents. To avert this looming crisis, individuals need to take control of their financial affairs by pro-actively managing their money and planning for the future.

“Financial guidance will be the primary support for millions of people and will therefore be of critical importance if we are to help ensure society is financially capable, savvy and attuned to the both the importance of saving and to the opportunities it presents.

“Building on the original TSIP proposals in March 2015, our recommendations will provide consumers with the tools to enhance their financial resilience and security. A kitemarked industry standard ensures everyone has access to trusted guidance and best practice. It will raise the levels of financial capability and standardises all guidance being offered from financial services firms to the third sector.

“We hope that our views are strongly welcomed by HMT and the FCA and look forward to working with the financial services industry to provide support for consumers to seek better guidance and advice, in order to enhance their financial wellbeing, and help to re-establish a savings culture in the UK.”