The UK’s Economic Secretary to the Treasury, Harriett Baldwin, has launched a major review looking at how financial advice could work better for consumers.

Among other areas, such as investments and mortgages, the Financial Advice Market Review will examine consumer credit.

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The consultation exercise will close by end 2015 with a view to producing proposals ahead of Budget 2016.

Among the review’s objectives are an examination of:

  • the regulatory or other barriers firms may face in giving advice and how to overcome them;
  • the opportunities and challenges presented by new and emerging technologies to provide cost effective, efficient and user friendly advice services; and
  • how to encourage a healthy demand side for financial advice, including addressing barriers which put consumers off seeking advice.

The review will consider the current regulatory and legal framework governing the provision of financial advice and guidance to consumers and its effectiveness in ensuring that all consumers have access to the information, advice and guidance necessary to empower them to make effective decisions about their finances.

The review will also consider the interplay between the regulatory framework for advice and the role of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) in redress.

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The initial evidence gathering will request examples of problems in obtaining advice in the following markets:

  • investments, savings, pensions, and retirement income products (including annuities)
  • mortgages (including Help to Buy and equity release) and consumer credit
  • general insurance

Leadership

The review will be led by Tracey McDermott, who will take over as acting CEO of the Financial Conduct Authority (FCA) on 12 September, and Charles Roxburgh, Director General of Financial Services at HM Treasury (HMT), as co-chairs.

An expert advisory panel comprising of industry and consumer voices will be chaired by Nick Prettejohn, Chair of Scottish Widows.