The Financial Conduct Authority (FCA) is asking the industry for its opinion on how different forms of advice can be named and described to the public.
The request comes in a ‘call for input' as part of the Financial Advice Market Review (FAMR), being run jointly by the Treasury and the regulator. FAMR's aim is to investigate the causes behind the advice gap - meaning those people, estimated to be in the millions, who need financial advice but are not able to access it, mainly due to cost. In its call for feedback from the industry, the FCA acknowledged "people seek different types of support to help in their financial planning decisions". "Consumers' needs fall on a broad spectrum, from needing basic information about products th...
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