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FCA starts collecting evidence on advice review

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The FCA is to approach around 400 advice firms and providers as part of an exercise to gather data for the Financial Advice Market Review.

The process is expected to begin from Monday, and will involve groups including directly authorised advisers and networks, as well as banks and life insurers.

Questions will focus on the provision of advice for clients or customers seeking advice on retirement income, pensions or retail investments.

An FCA spokeswoman says the regulator will ask for information on the areas on which firms provide advice and firms’ relevant advice channels, charging structures, customer numbers and investable assets.

It will be looking for details of any issues around defined benefit to defined contribution transfers, firms’ future plans, use of technology, barriers to innovation, entering the advice market and expanding advice services, and liabilities and costs.

The exercise will be in addition to responses sent to the regulator as part of the broader FCA’s call for input on the FAMR, which is looking at the accessibility and affordability of advice.

Among other measures, it will include a consultation on a 15-year long-stop on liabilities for financial advisers.

The FAMR review is being jointly led by the FCA and the Treasury, and is expected to conclude ahead of next year’s Budget, although the regulator’s practitioner panel has warned against its “ambitious” timetable.

An FCA spokeswoman says: “This exercise will use more granular questions than were in the call for input to provide quantitative information. Firms involved can still participate in the call for input as well.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “An FCA spokeswoman says: “This exercise will use more granular questions than were in the call for input to provide quantitative information. Firms involved can still participate in the call for input as well.”
    And in English we say….?

  2. “The FAMR review is being jointly led by the FCA and the Treasury”. Yeah, but you can bet your boots it wouldn’t be happening at all were it not for the direct intervention of the Treasury, to which the FCA’s initial and entirely predictable response was to try to brush it aside with its usual specious claim of independence. This time it didn’t work but, even so, Tracey McDermott is clinging valiantly to the idea that there’ll be no review of the RDR (is that the RDR as approved by Parliament or does it include the boatloads of unauthorised embellishments added subsequently?), whilst Linda Woodhall is determined that on her watch there’ll be no loosening of regulation.

    We shall see!

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