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FCA unveils new FAMR working group members

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Scottish Widows chair Nick Prettejohn will lead the 15-strong Financial Advice Market Review working group, tasked with working on three recommendations from FAMR.

Prettejohn was also chair of the FAMR expert panel.

Eight of the 15 FAMR expert panel members have returned to be on the working group. They are:

  • Which? policy and campaigns director Alex Neill,
  • Nationwide group product and marketing executive director Chris Rhodes,
  • Legal & General savings director Jackie Noakes,
  • Nutmeg director Nick Hungerford,
  • Fidelity investment trusts head Nicky McCabe,
  • Old Mutual Wealth chief distribution officer Richard Freeman,
  • Keyte Chartered Financial Planners director Robin Keyte,
  • Financial Services Consumer Panel chair Sue Lewis.

Also on the working group are:

  • Financial Services Consumer Panel’s Caroline Barr,
  • Citywide Financial Partners founder and FCA Smaller Business Practitioner Panel chair Clinton Askew,
  • Wesleyan Assurance Society group chief executive and FCA Smaller Business Practitioner Panel member Craig Errington,
  • St James’s Place chief executive and FCA Practitioner Panel member David Bellamy,
  • Virgin Money UK chief executive and FCA Practitioner Panel member Jayne- Anne Gadhia,
  • Barclays personal banking chief executive and FCA Practitioner Panel member Steven Cooper,
  • Money Advice Service policy manager and Financial Services Consumer Panel member Teresa Fritz.

The working group will concentrate on three recommendations from the FAMR: to work with employer groups to develop a guide to the top 10 ways to support employees’ financial health, to publish a shortlist of potential new terms to describe guidance and advice, and to lead a taskforce to design a set of rules and “nudges” to try and increase consumer engagement.

An announcement on the FCA website says: “Members have been selected on the basis of their expertise and interest in advice and guidance, and also their ability to attend meetings and to contribute to its work. They will act in a personal capacity rather than represent the views of their firm or organisation.”

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Comments

There are 7 comments at the moment, we would lover to hear your opinion too.

  1. Its a shame that they don’t seem to have been asked to consider the biggest existential threat to advice-the FSCS. Or is this being dealt with elsewhere?

  2. Trevor Harrington 20th June 2016 at 7:20 pm

    And …. the representatives from the small IFA company sector, a sector which produces well over half of all financial services business transacted directly with the public ….
    those representatives are ….
    traaa la la llllaaaa !! ….
    by name and company experience ….
    DAAAA ddaaaaaa !!!!

    Oh … there aren’t any …. ?

  3. Julian Stevens 20th June 2016 at 9:07 pm

    The strikingly bizarre thing is that on this panel there appear to be hardly any financial advisers. To cite just one example, what on earth does “Barclays personal banking chief executive and FCA Practitioner Panel member Steven Cooper” know about giving advice? And don’t the banks have just about the worst track records of all when it comes to mis-selling? The proportion of complaints against them which end up with the FOS certainly suggests so.

    Sure there’ll be lots of high level meetings and lots of hot air, but will any of it lead anywhere of any practical value? If the great majority of committee members have no experience of the advice process, it’s hard to see how they might.

  4. Nice gig if you can get it …….

    Its been noted the FCA have quite a big budget for tea and cakes

    Watch your waist line folks, a moment on the lips a lifetime on the hips !!

  5. Trevor and Julian Stevens are quite right. It is a serious shortcoming on the part of the FCA not to have included some IFA representation in view of the level of business transacted through IFAs

  6. No CII, no CISI, no IFS…. ONE adviser on a panel to consider the ADVICE market! Based on this logic, the RDR review should have been ALL advisers, funny how it’s the same sort of people again!

  7. So the FAMR working group have little experience of actually working as a run of the mill IFA.
    Beyond a joke

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