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HM Treasury/FCA launch the financial advice market review

CII policy briefing

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 including information.

At least initially, it will include not just investments/pensions but will also review evidence from mortgages/consumer credit and general insurance.

Next steps: 

  • Autumn 2015: HMT/FCA "consultation in Autumn 2015;
  • End 2015: consultation closes (to be confirmed);
  • Budget (April) 2016: proposals expected

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