Does the govt want to resurrect banks' advice role?

Does the govt want to resurrect banks' advice role?

Laura Miller
clock • 4 min read

Banks and product providers that closed their advice arms to avoid the demands of the RDR could resurrect them as the government shifts focus to the mass market advice gap.

The government's Financial Advice Market Review (FAMR) will look into what can be done to make sure consumers can access "high quality and affordable advice". Good and cheap - the Holy Grail in the search for consumer satisfaction. Like the fabled magic chalice, most advisers, certainly since the introduction of the RDR, have said what the government now wants cannot exist. They warned that banning commission and cross-subsidy in favour of explicit fees and higher qualifications would price the mass market out of advice. As if to prove this, it is de rigueur to provide advice on...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Trustpilot