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Backstage with Keith Richards

5th April 2016

Bonjour! Visiting our friends in Europe.

 

Last week I participated in Money Marketing's live webinar to debate the output from the Financial Advice Market Review (FAMR). The panel included Ed Smith who was the FCA's lead for FAMR and it was encouraging to hear first hand just how much the FCA acknowledges the challenges being experienced by the profession and the need to address certain aspects of regulation, operational cost and risk. Whilst it's fair to say recommendations stemming from FAMR are not as revolutionary as they could have been, they are subtly significant and will have a profound positive impact for the advice profession.

There is little doubt however that large institutions and technology based propositions will seize the opportunity to bridge the advice gap through the proposed recommendations of extended guidance - something which of course will also be open to regulated advice firms.

The Personal Finance Society has already been asked to remain heavily involved in a number of the consultations and I will again be calling on our practitioner panels to ensure we both have a voice and influence at the table.

Many members won't know that the Personal Finance Society also acts as EFPA UK, that's the European Financial Planning Association UK, an affiliate of EFPA. There's little doubt that the UK is ahead of the rest of Europe as far as professional standards are concerned and I am increasingly being called on to give presentations on the UK landscape. It's often very interesting to see the reaction from representatives of countries which are still dominated by direct sales forces, sales commissions and sales incentives with an increasing challenge of course of operating in a zero interest environment. In contrast, there are increasing opportunities for regulated advisers across Europe and we're investigating opportunities for members via our EFPA UK status.

Best wishes,

Keith

 

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 »