D2C giant Hargreaves Lansdown says it has no plans to change its recommended fund lists and is eyeing an opportunity to expand with a possible simplified advice proposition.
Earlier today the FCA published findings from a thematic review of the non-advised and simplified advice market.
It warned that on some non-advised platforms there is not enough information about how funds are chosen for inclusion.
In response to enquiries from Money Marketing, Hargreaves head of financial planning Danny Cox rebuffed questions about whether the FCA review would trigger changes to the way it builds its Wealth 150 list.
He says: “We are still working through the details at this stage but we don’t see anything in the paper which is at odds with the tools and information which we currently use to support our clients’ decision making.”
As part of the review, the FCA published a consultation document setting out updated guidance on how it expects non-advised and simplified advice to be interpreted.
Cox says the clarification could prompt the firm to ramp-up its guided proposition and may see the firm look to offer simplified advice.
He adds: “It is only a consultation at this stage, but we see this as a great opportunity to bring down costs and to develop new online and smart device solutions which can fill some of the gap below the full regulated advice regime which exists today.
“At the moment we offer a range of services including advice and execution only. This is only a consultation and these are our first thoughts but we think on first sight it may allow us to develop services we’ve not had before. There are really good opportunities for us to develop tools whether it be on a simplified advice basis or on a non-advised basis.”