FCA chief exec unconvinced FAMR will close advice gap

'Jury still out' on technology and advice

Jenna Towler
clock • 2 min read

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, ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulation is changing shape - what do advisers need to do about it?

Regulation is changing shape - what do advisers need to do about it?

Five themes, one direction of travel

Marjolaine Quirke
clock 18 September 2026 • 5 min read
FCA, HMRC and the Met ramp up crackdown on illegal crypto trading

FCA, HMRC and the Met ramp up crackdown on illegal crypto trading

Swooped on three premises

Laura Miller
clock 18 September 2026 • 2 min read
The morality regulator? Has the FCA gone too far on non-financial misconduct?

The morality regulator? Has the FCA gone too far on non-financial misconduct?

When the regulator follows you home

Gareth Fatchett
clock 17 September 2026 • 8 min read