FAMR in danger of fizzling out without deadline, providers warn

FAMR came up with 28 recommendations when it was published by the regulator and Treasury in March. It had widely been dubbed the second leg of the Retail Distribution Review (RDR), which radically transformed the industry at the end of 2012 by banning commission-based adviser charging and mandating adviser qualifications. As an unintended consequence, thousands of advisers, including the majority of bank advisers, exited the industry, leaving many consumers without financial help. FAMR sought to reverse this ‘advice gap' to give consumers better access to advice and guidance, with...