The FCA and HM Treasury are to lead a review on financial advice for customers.
The Financial Advice Market Review will look at how advice could work better for consumers. The review will initially look at issues when getting advice in the following areas:
- investments, savings, pensions, and retirement income products (including annuities)
- mortgages (including Help to Buy and equity release) and consumer credit
- general insurance.
“Making sure that our financial services sector supports working people at every stage of their lives is a key part of our long term plan.”
“That’s why we’ve launched a major new review to explore 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.”
Harriett Baldwin, Economic Secretary to the Treasury
The government also intends to consult on free and impartial financial guidance which covers services such as the Money Advice Service and Pension Wise. This will take place later in the year.
The consultation exercise is scheduled to end by Q4 2015 with a view to producing proposals ahead of the Budget in March 2016.