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Advice guidance review to ‘boost growth’ for sector
The FCA’s advice guidance boundary review will boost growth for the Financial Planning sector, according to the Chair of the regulator.
The FCA is reviewing the strict advice/guidance boundary to help fill the advice gap. The moves, outlined in an FCA discussion paper DP23/5, could mean a new range of limited guidance financial products and services which would not need ‘full fat’ advice.
The FCA is currently sifting through feedback to its proposals.
Ashley Alder, Chair of the FCA, told the International Capital Markets Conference yesterday that the boundary review would boost growth for the personal finance sector, those seeking investment, and for the UK as a whole.
Mr Alder said:”Our Review with the Government of the boundary between regulated financial advice and guidance is incredibly technical. Unpicking the interplay between our own rules, domestic legislation and consolidated EU law is hard.
“But its aim is simple: unlocking innovation so people can get the support that suits their financial needs, in easy-to-access ways, at prices they can afford, so they have the confidence to make the most of their money.
“And, in doing this, we boost growth: for personal finances, for those seeking investment, and for the UK as a whole.”
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