The Financial Conduct Authority and HM Treasury are to conduct a review on financial advice for customers.
The Financial Advice Market Review will review how advice could work better for consumers.
The review will look at issues that customers might experience when getting advice on the following:
- investments, savings, pensions, and retirement income products (including annuities)
- mortgages (including Help to Buy and equity release) and consumer credit
- general insurance
“Making sure that our financial services sector supports working people at every stage of their lives is a key part of our long term plan.”
“That’s why we’ve launched a major new review to explore what more can be done to make sure consumers can access high quality and affordable advice so they can make informed decisions with their hard-earned money.”
Harriett Baldwin, Economic Secretary to the Treasury
The UK government also plans to review the free and impartial financial advice sector. This includes services provided by the Money Advice Service and will take place at the end of the year.
The Financial Advice Market Review will consider all types of retail financial products including pensions, savings, mortgages, and insurance, and will report back ahead of the 2016 Budget.