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Guide to the Financial Advice Market Review

    Guide to the Financial Advice Market Review


    But the Financial Conduct Authority and HM Treasury final report on the FAMR, published on 14 March, two days ahead of the Budget, instead delivered recommendations to redefine advice, use pensions to pay for advice and introduce a pensions dashboard.

    Chris Hannant, director general of the Association of Professional Financial Advisers, said while he supported the review’s analysis that something needs to be done to ensure more widespread access to financial advice he added “more could have been done”.

    He said: “The conclusions represent a missed opportunity. While many of the proposals will be helpful, concrete measures beyond further clarification and guidance are needed.”

    Now the financial services industry has had some time to digest the various recommendations, this guide looks at the new definition of advice, explores how a pensions dashboard could work and considers how the recommendation to pay for advice out of the pension pot will work in practice.

    Contributors of content to this guide include: Chris Hannant, director general of the Association of Professional Financial Advisers; Jeanette Makings, head of financial education at Close Brothers Asset Management; Elliott Silk, head of employee benefits for Sanlam; David Severn, former head of retail investment policy at the FSA; Mark Stopard, head of product development at Partnership; Adrian Boulding, retirement strategy director for Dunstan Thomas; Liz Coyle, compliance policy manager for SimplyBiz; Nick Eatock, executive chairman for Intelliflo; Phil Brown, head of policy at LV; Mike O’Brien, group brands director for Tenet; Steve Webb, director of policy for Royal London; Consultancy AKG; the Financial Conduct Authority and Laurence Baxter, head of policy and research at the Chartered Insurance Institute.

    In this guide


    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. According to CII research, what percentage of UK adults claimed to be “quite knowledgeable”?

    2. Which article in the Regulated Activities Order may need to be amended?

    3. What proportion of UK adults polled by Sanlam in March 2016 were unaware of pension freedoms?

    4. Why does Mr Severn think paying for advice out of the pension pot is a bad idea?

    5. According to Mr Gazard, this world (of advice) is still driven by what:

    6. What does Mr Hannant say the dashboard will need to include?

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