Streamlined Financial Advice

Published / Last Updated on 23/04/2017

Streamlined Financial Advice.

The Financial Conduct Authority (FCA) has published its first implementation plan paper following its Financial Advice Market Review (FAMR).

FAMR explores explore ways in which the Government, the industry and regulators can stimulate the development of a market which delivers affordable and accessible financial advice and guidance to everyone, at all stages of their lives.

One of the plans is for Streamlined Advice to develop a clear framework for advisory firms to offer advice on simple consumer needs in a proportionate way and of course controlling the fees charged and the liability incurred.

Streamlined advice encompasses all terms such as focussed advice, simplified advice or advice that focuses on just consumer need e.g. Life Insurance Cover and advisers will be allowed to only collect factfind information that is relevant to that need rather than completing a full fact find questionnaire. Clearly, time and costs will be significantly reduced.  That said, there is still no guidance offered by the FCA on relevant information is needed for a simple client need.

We are in discussions with the FCA’s Project Innovate Team as we develop our ‘virtual’ robo advice engine and we look forward to the FCA publishing clear guidance and worked examples of the relevant information for Streamlined Advice as part of this new the implementation paper.

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