The FCA and HM Treasury has launched the Financial Advice Market Review (FAMR). The review will examine how financial advice could work better for consumers. The review will consult in Autumn 2015 and report ahead of the 2016 Budget.
The review will examine;
- the advice gap for those people who want to work hard, do the right thing and get on in life but do not have significant wealth;
- the regulatory or other barriers firms may face in giving advice and how to overcome them;
- how to give firms the regulatory clarity and create the right environment for them to innovate and grow;
- the opportunities and challenges presented by new and emerging technologies to provide cost effective, efficient and user friendly advice services; and
- how to encourage a healthy demand side for financial advice, including addressing barriers which put consumers off seeking advice.