FCA review to "radically improve access to financial advice"

The consultation, which is the first major milestone of the Financial Advice Market Review, will focus on the kind of financial advice consumers want, whether there are gaps between the financial advice that consumers want and the financial advice that they can access and afford, and what role technology such as “robo-advice” could play in improving access to financial advice.

The Financial Advice Market Review was launched on 3 August and the FCA says it aims to "radically improve access to financial advice". The review is being led by Charles Roxburgh, Director General, Financial Services at HM Treasury and Tracey McDermott, acting CEO at the FCA.

The consultation will be open until 22 December, and a final report will be published ahead of Budget 2016.

The review will be supported by an external expert advisory panel comprising of industry and consumer voices, and chaired by Nick Prettejohn.

Economic Secretary to the Treasury Harriett Baldwin, said:

"Helping hard-working people achieve their aspirations at every stage of their lives is at the heart of our long term plan. A key part of that is making sure that people can access high quality, affordable, tailored advice and guidance to help them make informed financial decisions, whether that is saving for their first home, taking out a mortgage, buying a car, or saving and investing for the future.

"That’s why we’re exploring what more can be done to make sure consumers can access high quality and affordable advice so they can make informed decisions with their hard-earned money."

Tracey McDermott, acting CEO at the FCA, said:

"The financial decisions people make can have long reaching effects. It is important that the market provides accessible and affordable advice when people need it.

"The review is a chance for the FCA, government, industry and consumers to work together to ensure we can deliver a market that meets this need."

Nick Prettejohn, chair of the expert advisory panel, said:

"It is vital that the financial advice market meets the needs of consumers to enable them to make informed financial decisions at all stages of their life. I am pleased to have been asked to chair the expert advisory panel of industry and consumer voices, to contribute ideas that I hope will improve consumer access to financial advice.

"I look forward to working closely with my fellow members of the expert panel and with Treasury and the FCA."