UK Financial Conduct Authority chief executive Andrew Bailey has admitted to the government’s Treasury Select Committee that proposals made by the Financial Advice Market Review may not solve the advice gap, which was in part created by the Retail Distribution Review.
The UK’s Financial Conduct Authority has named a working group that will take forward three key recommendations of the Financial Advice Market Review.
The Association of British Insurers (ABI) is best placed to drive forward the delivery of a pensions dashboard, including the possible creation of a prototype, it announced on Thursday.
UK financial advisers charge between 1% and 4.5% of investible assets for their initial financial planning advice to clients with up to £50,000 ($73,000, €64,000), a survey by the Financial Conduct Authority has found.
The recent release of the UK’s Financial Advice and Market Review (FAMR) might not have had much impact elsewhere in Europe but perhaps it should have done, says Paul Stanfield, secretary general of the European Federation of Financial Advisers and Financial Intermediaries (FECIF)
In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.
The Financial Conduct Authority is calling for early access to pension pots to pay for advice costs, in its final report on the Financial Advice Market Review (FAMR) published today.
There would be widespread support from international advisers for the UK’s Department for Work and Pensions (DWP) to reassess changes to overseas pension transfers, according to research from Old Mutual International (OMI).
Insurance giant MetLife has weighed into the debate over the financial advice gap in the UK, arguing its research shows the cost of providing advice is stopping advisers expanding to offer their services to mass market.
The Financial Conduct Authority is considering reintroducing limited commission payments for certain retail products.
Old Mutual calls for the UK government to find ways to decrease the wealth management industry’s regulatory burden, in response to the Financial Advice Market Review.
Financial advisers need to ensure they have their say on the UK complaints long-stop proposal to help shape what the legislation could look like, said Zurich’s head of retail platform strategy.
