Financial Conduct Authority
FCA begins review of financial advice market
The Financial Conduct Authority (FCA) recently launched a Call for Input asking for feedback on its proposed approach to reviewing the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
The FCA’s review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market and how the market works to deliver this. It will also consider how new market trends and developments might affect the future development of advice and guidance services.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA recently said:
'Millions of people look for help and support in making financial decisions every year and the aim of the RDR and FAMR was to help the market develop the right advice or guidance service consumers need to make those decisions.
'Consumers and the market are changing rapidly, as technology, employment patterns and inter-generational challenges change the way consumers interact with financial services. As well as looking at how the market has evolved since RDR and FAMR, it’s important that our work looks ahead to see how we ensure that this important sector works well in the future. We want the market to deliver a range of good quality, affordable advice and guidance services that meet consumer needs.'
The FCA is seeking initial feedback to the Call for Input by the 3 June 2019. The FCA will hold several stakeholder events, and collect further data through consumer research and surveying a sample of firms. It intends to publish its final report in 2020.
Notes to editors
- Call for input on Evaluation of the Retail Distribution Review and the Financial Advice Market Review
- The 2014 RDR post-implementation review
- The FAMR baseline review
- About the FCA
Latest News from
Financial Conduct Authority
New overdraft rules mean 7 out of 10 people will be better off or see no change22/01/2020 15:32:00
Across the market, 7 out of 10 overdraft users will be better off or see no change, when new rules on overdrafts, introduced by the Financial Conduct Authority (FCA), come into force in April.
Next steps for LIBOR transition in 2020: the time to act is now17/01/2020 10:25:00
The Bank of England (the Bank), Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) yesterday published a set of documents, outlining priorities and milestones for 2020 on LIBOR transition.
FCA returns funds to land banking victims15/01/2020 12:25:00
The Financial Conduct Authority (FCA) has obtained High Court approval for a scheme to return £2.5 million to compensate victims of a series of unauthorised collective investment schemes.
The FCA commences civil proceedings in relation to alleged unauthorised deposit takers13/01/2020 12:25:00
The FCA has commenced civil proceedings in the High Court against Bright Managment Solution Limited [sic] (“Bright”), Soccer League International Limited (Soccer League International), Soccer League UK Limited (Soccer League UK), and senior individuals at these firms.
FCA acts to help customers get better rates for cash savings10/01/2020 13:10:00
The Financial Conduct Authority (FCA) is proposing to reform the easy access cash savings market.
FCA and Bank of England announce proposals for data reforms across the UK financial sector08/01/2020 15:10:00
The Financial Conduct Authority (FCA) and the Bank of England (Bank) yesterday outlined their plans to develop their data and analytics capabilities.
FCA fines former managing director £45,000 for failure to notify personal trades23/12/2019 12:15:00
The FCA has fined Kevin Gorman, a former Managing Director at Braemar Shipping Services plc (Braemar), £45,000 for failure to notify personal trades.
FCA secures confiscation order totalling over £170,000 against convicted fraudster20/12/2019 14:38:00
A confiscation order of £171,913.60 was made against Manraj Singh Virdee in Southwark Crown Court on 16 December 2019.
First-tier Tribunal upholds decision to fine Hall and Hanley Limited for data breaches and unauthorised copying of client signatures19/12/2019 12:25:00
The First-tier Tribunal (the Tribunal) has upheld a fine of £91,000 imposed on Hall and Hanley Limited (H&H) by the Claims Management Regulator (CMR), the former regulator for claims management companies (CMCs).