Additional wealth manager representation is needed on the FCA’s financial advice market review panel, the head of the Wealth Management Association has said.
Liz Field, chief executive of the WMA, said the trade body was glad that two of its member firms – Barclays and Nutmeg – were on the panel, but said additional wealth manager representation could strengthen the FAMR panel.
Ms Field said: “We hope that the voice of the traditional wealth manager will be heard. They are the majority of the members of WMA, and have many years of experience in the advice and guidance space. There are more than 13,000 qualified professional advisers operating from their 520 offices throughout the UK, who particularly want to see changes to enable them to contribute to closing the advice gap.”
WMA member firms look after more than £670bn of wealth for approximately 4m retail investors.
FAMR panel members
Chairman: Nick Prettejohn, chairman of Scottish Widows Group
Andy Briggs (Aviva), Ashok Vaswani (Barclays), Chris Rhodes (Nationwide), Robin Keyte (FCA Smaller Business Practitioner Panel), Gill Cardy (Defaqto), Richard Freeman (Intrinsic), Gillian Guy (Citizens Advice Bureau), Ian Gorham (Hargreaves Lansdown), Jackie Noakes (Legal & General), Nick Hungerford (Nutmeg), Nicky McCabe (Fidelity), Alex Neill (Which?), Richard Rowney (LV), Sue Lewis (Financial Services Consumer Panel) and Tom Wright (Age UK)