The Financial Conduct Authority (FCA) and UK Treasury have launched a joint consultation to explore ways to improve customers’ access to financial advice.
The move comes less than three years after the implementation of ‘Retail Distribution Review (RDR), which banned professional advisers from taking commission, increased the qualifications they had to take and enforced tougher rules around what constituted ‘independent’ advice.
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The review, called the Financial Advice Market Review, will explore what kind of support consumers want access to, whether any advice gaps exist, how they can be closed, and what role technology such as robo-advice could play.
Charles Roxburgh, director general of financial services at the Treasury, and Tracey McDermott, acting FCA chief executive, are leading the review.
FCA said that the consultation will be open until 22 December 2015 and a final report will be published ahead of Budget 2016.
Harriet Baldwin, economy secretary to the Treasury, said the review of advice was to provide consumer with ‘high quality and affordable advice so they can make informed decisions with their hard-earned money’.
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By GlobalDataMcDermott said: "The financial decisions people make can have long reaching effects. It is important that the market provides accessible and affordable advice when people need it.
"The review is a chance for the FCA, government, industry and consumers to work together to ensure we can deliver a market that meets this need."
