The FCA’s practitioner panel has warned the regulator not to rush implementation of reforms following the conclusion of the Financial Advice Market Review.
The review, which was unveiled in August and is being carried out in conjunction with the Treasury, will examine how advice could work better for consumers.
In particular it will focus on issues including the advice gap, regulatory barriers facing advice firms, and how technology can be used to provide “cost-effective” advice.
The findings of the review will be published ahead of the March Budget.
However, speaking to Parliament’s Treasury committee today, practitioner panel chairman and HSBC UK and Europe chief executive Antonio Simoes said the panel had warned FCA acting chief executive Tracey McDermott on the timescale of the review.
He said: “We were very supportive of the terms of reference, but we had a word of warning in terms of the timescales.
“It’s very ambitious. This is an issue that’s been around for a long time, so it’s important that we get to the right solution, rather than just getting one quickly.”
Simoes added that he hopes the FAMR will provide more certainty to advisers on liabilities.
He said: “You should have more certainty in the regulatory regime so that firms are confident that they can offer advice to someone with £40,000, and that advice is going to be simple and straightforward and the cost of that will be commensurate.”