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
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
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.
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 »