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ABI reacts to the FCA's evaluation of the financial advice market

The FCA has published an evaluation of the impact of the Retail Distribution Review and the Financial Advice Market Review (FAMR) and have acknowledged that more change is required in the financial advice market. 

Yvonne Braun, Director of Long-Term Savings and Protection at the Association of British Insurers said:

“We are pleased that the FCA shares our concerns about the advice market and is advocating for simpler models of advice and more personalised guidance.

“With 72% of people unable to pay for financial advice and the majority of people only wanting one-off advice, the FCA needs to drive forward the changes the advice and guidance market needs. The advice and guidance regulatory boundary needs to be shifted to enable customers to get advice that is simpler and more affordable, and guidance that offers more help.

“The UK will shortly no longer be bound by EU rules, so now is the time for UK authorities to seize opportunities to design regulations that work for UK consumers by enabling more affordable advice and more meaningful guidance. The FCA’s new piece of work on the consumer investments market is a good place to start.”

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Last updated 03/12/2020