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FCA’s advice review panel dominated by providers

FCA’s advice review panel dominated by providers

Just four names from the world of financial advice can be found on the FCA’s expert panel for the Financial Advice Market Review.

The expert advisory panel will be led by Nick Prettejohn, chairman of Scottish Widows Group, and is dominated by providers despite the fact the Financial Advice Market Review is supposed to focus on barriers preventing advisers from helping the masses.

Andy Briggs, chief executive of Aviva, Ashok Vaswani, chief executive of retail and business banking at Barclays, Chris Rhodes, group retail director of Nationwide, Nicky McCabe, head of investment trusts at Fidelity, Nick Hungerford, chief executive of discretionary investment manager Nutmeg, Jackie Noakes, managing director of L&G mature savings, and Richard Rowney, managing director of LV Life and Pensions, are the representatives from providers who make up the bulk of the panel.

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From the world of financial advice there is just Gill Cardy, former Financial Adviser columnist and now insight consultant for wealth at Defaqto, Richard Freeman, chief executive of Intrinsic, Robin Keyte, a director of Keyte Chartered Financial Planners and member of the FCA’s Smaller Business Practitioner Panel, and Ian Gorham, chief executive of Hargreaves Lansdown.

The panel also features consumer champions Gillian Guy, chief executive of the Citizens Advice Bureau, Alex Neill, director of campaigns and communications at Which, Sue Lewis, chairman of the Financial Services Consumer Panel, and Tom Wright, chief executive of Age UK.

Speaking about his appointment to the panel, Intrinsic’s Mr Freeman said: “It is vitally important that the Treasury and FCA work closely with financial advisers and other stakeholders to ensure that this review is a success.

“The review provides an opportunity to improve consumer access to the benefits of financial advice and I’m pleased to have the opportunity to be involved in that as part of the panel announced today.”

When asked for his views on the make-up of the Financial Advice Market Review expert panel, Chris Hannant, director general of the Association of Professional Financial Advisers, said intermediary’s voices would be heard.

He said “at least one” of the panel was a name recommended by Apfa.

Mr Hannant said he had already met with Harriett Baldwin, economic secretary to the Treasury, and Tracey McDermott, acting chief executive of the FCA, about what the industry wants the Financial Advice Market Review to deliver.

He said: “There is a broad engagement and plenty of opportunity for advisers to have their voices heard.”

Keith Richards, chief executive of Personal Finance Society, said he had also met with Ms McDermott and Ms Baldwin and both were engaged with the review and knew it would have to result in real change for advisers.

Mr Richards said: “Every adviser in the country can be involved in this review. We at the PFS are setting up a mechanism that will allow our members to feed their views to this review through us.”