The Personal Finance Society’s chief executive said 2017 will represent a “once-in-a-generation” opportunity to reform the financial advice profession.
Keith Richards said the Financial Advice Market Review, which was tasked with fixing the UK's advice gap, had resulted in 28 recommendations but it is too early to expect major announcements.
He said: “The Personal Finance Society’s focus in 2017 will be on ensuring that as a profession we capitalise on the once-in-a-generation opportunity for reform that Financial Advice Market Review (FAMR) has provided us with.
“We will continue to engage with the Treasury and Financial Conduct Authority as they progress each of FAMR’s 28 recommendations, always considering the best possible consumer-centric outcomes.
“We have prioritised consumer interests in a series of responses to regulatory consultations in recent weeks, on issues including the proposed pension advice allowance, the definition of financial advice and the recently scrapped proposal for a secondary annuity market.
“We will continue to respond to future consultations as they arise throughout next year.”
The FAMR final report was published in March but many of its recommendations called for more consultations or further investigation into some of the issues which were raised.
Mr Richards said 2016 had been a year of unprecedented political and economic upheaval but added the financial advice profession is becoming more trusted.
He said the PFS’s other initiatives for next year will be to expand its pro-bono service, MoneyPlan, which it operates with Citizens Advice.
It will also start working with a charity to provide financial advice to injured and recovering service personnel and veterans.
Mr Richards said: “I have been overwhelmed by the early member response to this new initiative, which shows that our members are always keen to give something back to the community.
“A new drive to support growth through apprenticeships, graduates and second-career opportunities will also be launched, including a job site and a good practice guidance hub.
Mr Richards said: "Succession planning is essential for the future of the profession.”
damian.fantato@ft.com
