The FCA and Treasury have released a progress report on the 28 recommendations in the Financial Advice Market Review.
The report shows 10 recommendations are completed, 11 are “on track” and seven have consultations underway.
The long-awaited final FAMR report was published in March 2016 with headline recommendations including redefining advice, clarifying adviser charging rules and reforming the Financial Services Compensation Scheme.
The final report produced 28 recommendations, which were divided up between the FCA, Treasury, the Financial Ombudsman Service and an industry-led financial advice working group for action.
The score so far
Completed recommendations include the establishment of the working group, amending the definition of regulated advice, working with the industry to streamline suitability, and setting up a team within the FCA to develop automated advice models.
Those that are “on track” include developing an appropriate baseline and indicators to monitor the development of the advice market, allowing people to access their pension early to pay for advice, and making a pension dashboard available to consumers.
The progress report says: “Taken together, the package of measures has the potential to promote a tangible improvement in the affordability and accessibility of advice and guidance. However, continued focus is needed to ensure the measures are effective and this can only be achieved through a multi-faceted approach.”
It added: “To improve the affordability and accessibility of advice and guidance, continued commitment and co-operation is needed – not only from regulators and the government, but also employers, consumer groups and the financial services industry.”
The report is the final update on FAMR progress from the FCA and Treasury before 2019, when they will carry out a full review of the outcomes from FAMR.