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HM Treasury/FCA launch the financial advice market review

CII policy briefing

Publication date:

04 September 2015

Last updated:

22 September 2017

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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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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