The Financial Advice Market Review is examining how financial advice could work better for consumers, particularly in the light of the recent changes to pensions and the pledge for free and impartial guidance.

The FCA and HM Treasury announced the review in August as they seek to address problems for consumers who lack enough wealth to pay to see a regulated adviser.

Officials said the aim was to “create a regulatory environment which give firms the clarity they need to compete and innovate to fill the advice gap”.

Companies and individuals working in the sector were asked for their views but must to do so by Tuesday to meet the deadline.

The report will be published next year.

The review will come up with proposals and report ahead of the next Budget, having considered all types of retail financial products including pensions, savings, mortgages, and insurance.

A set of principles will be produced to govern the operation of financial advice.

There will be measures to ensure standards of behaviour for firms within all types of financial advice markets are “in accordance with those principles”.

The review will come forward with a package of reforms designed to “empower and equip all UK consumers to make effective decisions about their finances".

The review will:
• examine the advice gap and how to encourage a healthy demand side for financial advice, including addressing barriers, which put consumers off seeking advice.
• ensure the regulatory and legislative environment allows and encourages firms to innovate and grow their business models to include affordable and accessible financial advice
• consider ways to encourage people to seek financial advice, addressing unnecessary barriers that currently deter them