Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), remains unconvinced the recommendations laid out in the Financial Advice Market Review (FAMR) will close the advice gap.
Speaking at a Treasury committee hearing on Wednesday (20 July), Bailey said the Retail Distribution Review had tackled opaque commission and adviser qualifications but had contributed to the advice gap which FAMR aimed to close. However, he said: "I think they [the FAMR recommendations] have the potential to work but we cannot sign it off with conviction. "A lot of it rests on whether we get useful technology that can be put to work. The jury is out on that one. Not because fintech is bad but can it do the iterative work the advice process needs?" FAMR, released in March this year, ...
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