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Industry bosses on financial advice review panel revealed

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The expert panel advising the Treasury and FCA’s Financial Advice Market Review has been revealed.

Industry bosses including Aviva chief executive Andy Briggs and Intrinsic chief executive Richard Freeman will sit on the panel, alongside a number of consumer group representatives.

These include Financial Services Consumer Panel chair Sue Lewis, Citizens Advice Bureau chief executive Gillian Guy and Which? director of campaigns and communications Alex Neill.

The panel also includes Defaqto insight consultant and former IFA Centre managing director Gill Cardy, and chartered financial planner and FCA smaller business practitioner panel member Robin Keyte.

The remaining members of the 15-strong panel are:

  • Nutmeg chief executive Nick Hungerford
  • Hargreaves Lansdown chief executive Ian Gorham
  • Barclays retail and business banking chief executive Ashok Vaswani
  • Nationwide retail director Chris Rhodes
  • Fidelity head of investment trusts Nicky McCabe
  • LV= managing director of life and pensions Richard Rowney
  • Age UK chief executive Tom Wright, and
  • Legal & General managing director of mature savings Jackie Noakes.

The panel is chaired by Scottish Widows chairman Nick Prettejohn.

The FAMR was launched this week and aims to improve access to advice.

The consultation will run to 22 December, with a final paper expected to be published ahead of the 2016 Budget.

Freeman says: “It is vitally important that the Treasury and FCA work closely with financial advisers and other stakeholders to ensure that this review is a success. The review provides an opportunity to improve consumer access to the benefits of financial advice and I’m pleased to have the opportunity to be involved in that as part of the panel announced today.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. How do they manage to choose a panel of 15 people to discuss giving financial advice and apparently only include 2 people who have or do give financial advice?
    What are these ” industry bosses” going to bring to the party? They are so far removed from the world of actually giving financial advice to make their input insignificant.

  2. @David Brookes I offered my services and didn’t even get a “no thank you” response 🙂 I am not convinced this is about “advice” as such, just a search for a way to get the banks back into retail selling

  3. Why is there someone who works for a magazine publisher included but not a single IFA? Sadly I’m beginning to accept that Nick Bamford’s comment above is right.

    How do you solve the advice gap? Easy – create a ‘regulatory carve out’ for basic pension, ISA and bond products that the banks can flog without fear of reprisal.

    Of course the banks should ask themselves whether the regulator will stand by such a carve out when it all goes wrong and they are under political pressure to take action.

  4. FMAR is a review chaired by the FCA and the Treasury…. now the FCA will want to at least preserve the Status Quo if not increase their powers, the Treasury, however will want to maintain income flows from fines !

    Now those chosen and on the panel may be useful, or at least sympathetic to those needs.

    The outcome is and in the main, will be a forgone conclusion, how can you have the two main benefactors (FCA & Treasury) of the financial services industry heading up the review, it makes no sense and flies in the face of being “fit and proper”

    I would also have to be brutally honest and say, even if you did have representation from fully qualified and practicing IFA’s, they would dismissed out of hand and ignored.

  5. Thank heavens
    For the great and the good
    Noble stuff

  6. Think I was born to be a baldrick

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