Regulation  

Regulator reveals who is set to redefine advice

Regulator reveals who is set to redefine advice

The Financial Conduct Authority (FCA) has unveiled the make-up of the group tasked with coming up with new definition of advice and guidance.

On 21 June, the FCA announced the Financial Advice Market Review (FAMR) working group is to be made up of 15 members, led by Nick Prettejohn, chairman of Scottish Widows.

Also included are: David Bellamy, chief executive of St James’s Place; Richard Freeman, chief distribution officer at Old Mutual Wealth; Nick Hungerford, founder of Nutmeg; and Robin Keyte, of Keyte Chartered Financial Planners.

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The other members are Clinton Askew, chairman of the FCA Smaller Business Practitioner Panel and founder of Citywide Financial Partners; Alex Neill, director of policy at Which?; Sue Lewis, chairman of the Financial Services Consumer Panel; Chris Rhodes, group retail director at Nationwide; and Jayne-Anne Gadhia, chief executive of Virgin Money.

The make-up of the group, which will work with employer groups to develop a guide to the top 10 ways to support employees’ financial health and devise a strategy for rolling this material out, is certain to raise eyebrows.

In October last year, the FCA and the Treasury were criticised for the lack of actual advisers on the original FAMR panel, and failing to include representatives for claims management firms.

The original group did feature four members from the financial advice world, including Mr Freeman, Mr Keyte, Hargreaves Lansdown chief executive Ian Gorham and former Financial Adviser columnist Gill Cardy.