Today the Financial Conduct Authority (FCA) and HM Treasury have launched the Financial Advice Market Review (FAMR) which will examine how financial advice could work better for consumers.
Tracey McDermott, who takes over as Acting CEO of the FCA from 12 September 2015 and will co-chair the review commented:
“Ensuring that people have the appropriate information and advice in order to make important financial decisions is a priority for the FCA. Changes in the rules around mortgages and the introduction of the new pension freedoms mean that more people than ever before are looking for or are in need of financial advice. The review is an opportunity to look at how the market is working right across the piece and has the potential to radically change the advice landscape to the benefit of both firms and consumers.”
Read the terms of reference[1] of the review.