Does the govt want to resurrect banks' advice role?

Does the govt want to resurrect banks' advice role?

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...