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Backstage with Keith Richards

26th January 2016

Members give back through successful CAB scheme.


Following a meeting with a director of Citizens Advice last week, the pro bono advice initiative 'MoneyPlan' introduced last year continues to evolve and is receiving very positive consumer feedback - it is equally helping to raise the profile of the profession. Whilst we continue to learn as we go, there is enthusiastic support to extend the initiative across the country. From an adviser perspective it can be very rewarding and highlights the evolution of the advice profession by giving something back to their local communities. I'm personally very proud of the response from members who are freely giving up their time to help those members of the public who couldn't otherwise access professional services.

If you're interested in getting involved in the MoneyPlan scheme please visit:

As a result of our increasing involvement with the UK Government and regulators, last week I was invited to meet the new CEO of the Isle of Man regulator, a number of government officials and one of the island's key politicians, all of who wanted more involvement in the advice profession.

The regulatory environment remains very active and very few of my recent meetings haven't included discussion on the need for regulatory reform. I also attended a further meeting with the Treasury to discuss the secondary annuity market and how the mandating of professional advice could work well for the consumer without introducing unnecessary risk to the sector. There is little doubt this is a challenging area fraught with possible unintended consequences. We are naturally keen to support the government in reforms which offer greater freedom and choice, but at the same time consumers and advisers must be afforded new processes to provide greater certainty of future treatment to help as many consumers as possible in this new market.

Since my last blog I've also presented at two key conferences and taken part in a live debate aired by FT Adviser which focused on dealing with insistent clients - the latter will roll-on for a while. Finally, the long awaited and anticipated news of who will be taking on the role as head of the FCA has been announced. Andrew Bailey who is the current head of the PRA will take up the role once a replacement has been found for his previous role. I personally think this is a good appointment and whilst some were concerned about the FCA's withdrawal of their banking review, Andrew will ensure appropriate reforms will ensue.

Best wishes,


About the Blog

In this blog Personal Finance Society CEO Keith Richards will be keeping you up-to-date with all the Personal Finance Society news, projects and initiatives that we have in the works.

Read past editions of the blog »