The Financial Conduct Authority (FCA) has today launched a Call for Input asking for feedback on its proposed approach to reviewing the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
The FCAs review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market and how the market works to deliver this. It will also consider how new market trends and developments might affect the future development of advice and guidance services.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA said:
'Millions of people look for help and support in making financial decisions every year and the aim of the RDR and FAMR was to help the market develop the right advice or guidance services consumers need to make those decisions.
"Consumers and the market are changing rapidly, as technology, employment patterns and inter-generational challenges change the way consumers interact with financial services. As well as looking at how the market has evolved since RDR and FAMR, its important that our work looks ahead to see how we ensure that this important sector works well in the future.
"We want the market to deliver a range of good quality, affordable advice and guidance services that meet consumer needs."
The FCA is seeking initial feedback to the Call for Input by 3 June 2019.The FCA will hold several stakeholder events, and collect further data through consumer research and surveying a sample of firms. It intends to publish its final report in 2020.
Background
- Call for input on Evaluation of the Retail Distribution Review and the Financial Advice Market Review
- The 2014 RDR post-implementation review
- The FAMR baseline review
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
