Yesterday the Financial Conduct Authority (FCA) 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).
In a press release, Christopher Woolard, Executive Director of Strategy and Competition at the FCA 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’s review will consider whether the two intiatives have been successful in achieving their objectives; 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.
The call for input is open until 3 June 2019, and will be followed by research and stakeholder engagement. The FCA plans to publish its findings in Autumn 2020.
Further information about the call for input, and details of how to respond can be found on the FCA's website.
Posted on Thursday 2nd May 2019