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Backstage with Keith Richards

24th February 2016

Ageing times they are a-changin'.


It's great to have the opportunity to meet with so many members at our regional conferences which continue to grow in popularity. I visited Wales last week and I'm on my way to Scotland later today with the objective of visiting all regions during the course of the year.

You may have seen in the past week the announcement of the FCA's latest thematic review on research and due diligence. I am really encouraged by the FCA's constructive approach, basing their report on the significant evidence of good practice found within the firms reviewed, but of course highlighting areas for improvement. Due diligence is a topic that we know is important to you, our members, and that's why we created a good practice guide on the subject last year. In conjunction with Diminimus we are also working on an updated document which will be available in Q2 and will include a new set of questions for use by advisers.

We continue to receive three to four requests per week for national press quotes, mainly regarding pension reforms, but it equally gives us an opportunity to provide information from a consumer interest perspective and at the same time allows us to highlight the benefits of seeking professional advice. There's little doubt more and more consumer journalists are realising the value of advice based on the level of unintended consequences that reforms have introduced and the challenges the public face in trying to manage their own money in times of such volatility. Of course none of this is news to members reading this, but it's important to mention as we're genuinely influencing positive change which otherwise has been disproportionately negative reporting of financial advice. Onwards and upwards!

As I write this blog, I am on my way to the House of Commons to help launch the FCA's Ageing Population Discussion Paper. This is a major initiative and clearly comes with government backing given the challenges facing the ageing population as over the next five years an additional 1.1million people will be joining the ranks of the over 65yrs group. The Personal Finance Society was asked to provide input to this key initiative and to represent the key role that professional advice will play in an ever changing market and in particular where the needs of an ageing population are changing dramatically. 

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 »