The Financial Conduct Authority’s (FCA) changes to how it will approach advice and guidance is a positive that will both support its ongoing Consumer Duty work and help bridge the advice gap, experts agree.
It comes after the FCA yesterday (3 August) announced it had halted its 'core advice' regime, incorporating it into a broader analysis of the boundary between advice and guidance. The core investment advice regime, a component of the Consumer Investments Strategy introduced in 2021, now falls under the review. Bridging the advice gap The FCA's clarification of the advice-guidance boundary signifies a shift towards helping firms to improve consumer outcomes. The regulator's evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review found that 4.1 mil...
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