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CII briefing: Financial Advice Market Review

A briefing on the HM Treasury and FCA's Financial Advice Market Review.

HM Treasury and the Financial Conduct Authority have published a joint call for input on the Financial Advice Market Review (FAMR).

The Review aims to look at how financial advice could work better for consumers and considers where advice gaps exist, the barriers to accessing advice and the barriers to providing advice. It also puts forward proposals for closing gaps.

Key suggestions include: 

  • Improving consumer access:  for example through technological innovations and provision in accessible locations
  • Improving consumer awareness of the value of advice: demonstrating the value through awareness campaigns 
  • Improving consumer trust: aligning company and consumer interests

Alongside FAMR, the Treasury opened a consultation into the public provision of free-to-client, impartial financial guidance and structuring them to give consumers the information they need to make financial decisions.

Meanwhile on 19 October the Work & Pensions Select Committee published a report of its inquiry into pension freedoms advice and guidance, including a recommendation "to clarify the distinction between advice and guidance". 

Both consultations close on 22 December. Any recommendations coming out of the Review will be published alongside next year's Budget.

Link: http://www.fca.org.uk/your-fca/documents/famr-cfi

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