The FCA has published plans for a simplified advice regime focusing on ISA investing.
It plans a separate regime with the aim of improving people’s access to financial advice with a new handbook definition of ‘core investment advice’.
Such advice may only be given on investments into a new stocks and shares Isa up to the value of the annual Isa subscription limit and on a particular sub‑set of investment products under the ISA wrapper.
The big question must surely be whether advisers will embrace the prospect or will it become something mainly done by providers and asset managers.
Access to a simplified and cost-effective financial advice regime could dramatically change the financial resilience of the country says Quilter’s commercial and propositions director David Tiller.
Among other benefits, he suggests it could wean savers off their obsession with cash.
The FCA has fined Pembrokeshire Mortgage Centre Limited (PMC) £2,354,331 for unsuitable British Steel transfers.
Nearly 420 consumers were advised by the firm with two thirds members of the British Steel Pension scheme. The firm, which traded as County Financial Consultants, is in liquidation.
Separately, some advisers, notably Echelon Wealth’s Al Rush, who helped expose the scandal, are concerned that compensation for transferees is insufficient and coming too late.
In this week’s cover story, Money Marketing asks what will the future financial advice client look like?
The FCA sets out the rules for firms wishing to offer pension dashboards.
NextGen Planners valued at around £5m having opened its crowdfunding beyond the current membership using crowdfunding platform Seedrs.
