Firms comment on FCA call for input on RDR and FAMR review
The FCA has launched a review of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) reviewing their impact on the market to date, and assessing how the market may develop in the future.
The FCA writes that its focus will be on how consumers engage in the market and whether the industry delivers what consumers want and need. “We also want to assess future trends that may have an impact on the future need and availability of services to consumers”, the FCA says.
Commenting on the call for input, LEBC Group’s Director of Public Policy, Kay Ingram (pictured) said: “The key focus of the FCA review is around the success of the advice sector and the regulator in improving training and qualifications, removing conflicts of interest between advisers and consumer, better treatment of consumers, clearer communications and transparency around the cost of advice. It is encouraging that the FCA has acknowledged the progress made since RDR in these areas.