On 3 August, the Treasury and FCA announced that they will be
undertaking "a major new review looking at how financial advice
could work better for consumers"
The subject of advice and guidance in retail financial services
has seen significant regulatory activity over the past decade, with
much focus on regulated professional investments/pensions advice,
but there has also been work on unregulated guidance such as the
availability of national free-at-point-of-use services including
the Money Advice Service and more recently Pension Wise.
The Financial Advice Market Review (FAMR) currently has a very
wide scope, covering consumer financial advice and guidance
At least initially, it will include not just
investments/pensions but will also review evidence from
mortgages/consumer credit and general insurance.
- Autumn 2015: HMT/FCA "consultation in Autumn 2015;
- End 2015: consultation closes (to be confirmed);
- Budget (April) 2016: proposals expected
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