Just 8% of Brits received financial advice
But number of advisers slowly increasing
FAMR
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Lack of joined-up thinking risks undermining advice review
UK pension transfers, ombudsman award limits and compensation scheme changes not on the agenda
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Industry welcomes FCA’s advice market review
Aegon pensions director wants the UK regulator to ‘refocus on closing the gap’
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Top adviser threats for 2019
Brexit takes the top spot for UK IFAs, but what else is keeping them up at night?
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Financial advisers still have much to prove
Value for money and trust listed as key concerns by potential clients
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‘Common sense’ prevails in FCA’s insistent client guidelines
Updated guidance on how UK advisers should deal with clients who insist on going against their advice has been welcomed as “common sense” by Old Mutual Wealth’s chief distribution officer Richard Freeman.
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FCA to step up scrutiny of financial advice
The UK’s financial services regulator has released new guidelines to measure the success of last year’s Financial Advice Market Review (FAMR), which looked at how to make advice more affordable and accessible.
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UK advisers told to clearly signpost ‘advice’ and ‘guidance’
UK advisers will need to make clear the difference between “advice” and “guidance”, according to proposals published by the Financial Conduct Authority (FCA).
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UK redefines financial advice in line with Mifid
The UK will go ahead with plans to change the definition of financial advice so that regulated firms will only be giving advice when they provide a personal recommendation.
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UK introduces £1,500 tax free pension advice allowance
UK savers planning their retirement will be able to withdraw up to £1,500 ($1,893, €1,754) from their pension pots tax-free to pay for financial advice, under plans unveiled by the British government on Friday.
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UK charge comparison regime ‘not fit for purpose’
Key financial illustrations (KFIs) that are intended to help people compare pension and investment product charges in the UK are not fit for purpose and are “the worst possible example of information overload”, says AJ Bell marketing director Billy Mackay.
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UK to change definition of ‘advice’ in line with Mifid
The UK government has launched a consultation on changing the definition of financial advice, so that only a personal recommendation for a product is considered advice which will be regulated.