The chief executive of the Financial Conduct Authority (FCA) has said the market will innovate to close any advice gaps created from changes brought in following the Retail Distribution Review (RDR).
Speaking in front of the Treasury Select Committee (TSC) on 9 September, Martin Wheatley said the FCA wanted to ensure it is not a barrier to innovation but that, "whatever" the extent of the advice gap, "people will innovate and fill" it. In July, the FCA opened a consultation examining what constitutes a personal recommendation. It was one of a number of steps taken by the regulator to tackle what it calls an ‘expectations gap' between it and regulated firms and individuals. It wanted to know whether firms are "shying away" from providing products or services that would benefit c...
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