In response to the FCA's consultation on how to make it easier for firms to give more simplified forms of individualised financial advice to consumers,
Chris Paskiewicz, Policy Adviser, Conduct Regulation, at the ABI said:
"The FCA's work to simplify the advice rules is a positive step towards closing the advice gap. Through more proportionate and clear rules, simplified advice should complement targeted support, making it even easier for people to get the help they need with important financial decisions.
"We're pleased that the FCA is consulting on simplifying and consolidating the rules, however, by not consulting on the adviser charging rules the regulator risks limiting how providers and savers could use the service. We’ll continue to work with our members to respond to the regulator’s proposals."