ICYMI - Recommendations from the Financial Advice Market Review on Financial Advice and Guidance

The recommendations from the Financial Advice Market Review (FAMR) on access to regulated financial advice and guidance were published yesterday.

The FAMR was launched in August 2015 to examine how financial advice could work better for consumers, and was co-chaired by the Director General of Financial Services at HM Treasury and by the acting CEO at the FCA.

The FAMR report, available here, finds that there is a clear need for intervention to help both consumers and industry benefit from new and more cost-effective ways of delivering high quality advice and guidance.

The FAMR recommendations outline practical ways to enable consumers to engage with and access advice and guidance, urging changes to how financial advice is defined, suggesting a new advice framework to help firms best meet the needs of consumers, and promoting the affordability and accessibility of financial advice and guidance.