A briefing on the HM Treasury and FCA's Financial Advice Market
HM Treasury and the Financial Conduct Authority have published a
joint call for input on the Financial Advice Market Review
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
- Improving consumer awareness of the value of advice:
demonstrating the value through awareness campaigns
- Improving consumer trust: aligning company and consumer
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
View the attached document »