Govt and FCA launch major review of financial advice market

A major review into consumer access to the financial advice market has been launched by HM Treasury and the Financial Conduct Authority (FCA).

The Financial Advice Market Review (FAMR) has been set up to improve consumers' access to financial advice. It follows the introduction of pensions freedom and choice reforms in April, which gave defined contribution retirement savers complete access to their pension pots without the need to buy an annuity. A Treasury announcement said the review will: • Examine the 'advice gap' for those people who want to "work hard, do the right thing and get on in life but do not have significant wealth" • Ensure the regulatory and legislative environment allows and encourages firms to innov...