Financial Advice Market Review
The Financial Advice Market Review was launched in August 2015 to explore ways in which government, industry and regulators can take individual and collective steps to stimulate the development of a market to deliver affordable and accessible financial advice and guidance to everyone. We have led The Review jointly with HMT.
FAMR Progress Report and Guidance Consultation
Alongside HMT, we have published a progress report covering the FAMR recommendations.
We have also published GC17/4, a Guidance consultation in relation to four of FAMR’s recommendations:
Streamlined advice, Fact find information, the Perimeter of regulated advice and a Factsheet for employers and trustees. The publication coincides with the issue of the FAMR Progress Report, which marks one year on from the publication of the FAMR Final Report and sets out the achievements so far.
FAMR recommended the establishment of a Financial Advice Working Group, to support progress in the 12 months following the Review’s final report. This has been chaired by Nick Prettejohn and is responsible for three of the recommendations assigned to it outlined in three reports:
Rules of Thumb and Nudges: Improving the financial well-being of UK consumers
Financial well-being in the workplace: A Way Forward
Consumer explanations of “advice” and “guidance”
Next steps
The package of measures recommended by FAMR has the potential to promote a tangible improvement in the affordability and accessibility of advice and guidance. This requires commitment and co-operation from regulators and the government, but also employers, consumer groups and the financial services industry. We will conduct a review with HMT of the outcomes from FAMR in 2019.
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