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FCA establish Financial Advice Working Group


FCA establish Financial Advice Working Group

The Financial Conduct Authority (FCA) has announced that a working group has been established to tackle a number of recommendations made by the Financial Advice Market Review (FAMR)..

The group is comprised of industry experts from Expert Advisory Panel, the Financial Services Consumer Panel, the FCA Smaller Business Practitioner Panel and the FCA Practitioner Panel. The list of members includes representatives from high streets banks and fintech platforms such as Nutmeg. The group is tasked with taking forward the three recommendations set out by the FAMR, which are:

  • to work with employer groups to develop a guide to the top 10 ways to support employees’ financial health, and devise a strategy for rolling this out
  • to publish a shortlist of new terms to describe ‘guidance’ and ‘advice’
  • to lead a task force of stakeholders to provide guidelines to increase consumer engagement.

The working group will be in routine consultation with the FCA and HM Treasury. FAMR was a scheme launched in August 2015 to investigate how financial advice could be improved for consumers.





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