FCA raises concerns over choice and value in advice market

The FCA published its evaluation of the impact of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) on 3 December 2020. While the financial advice market has improved since the introduction of RDR and FAMR, albeit at a slow pace, the FCA observed that a lack of competition in the sector has limited innovation and removed more affordable services to customers. The FCA will use this review as a key component of its upcoming review of the wealth management sector, and firms should note key areas of concern.

Download this At a glance to see our summary of the FCA’s findings and the potential implications for firms.

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