Blog: FAMR does not solve advice prestige problem

Professional service not required

Carmen Reichman
clock • 2 min read

Full face to face financial advice will remain a preserve of the rich, even after the Financial Advice Market Review (FAMR), writes Carmen Reichman

FAMR was set up to broaden consumer access to financial advice following the government's pension freedom reforms. With the fairly low take-up of the government's free at-retirement guidance service Pension Wise, and the complexity of decision making faced by even the least wealthy at that particular point in their lives, the government had a problem: how to protect consumers from making bad decisions that could potentially impact the rest of their lives. Although FAMR was set up to solve the advice gap - an unintended consequence of the Retail Distribution Review (RDR) - there was nothi...

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