This seminar discussed the future for financial advice and guidance in the UK.
It was timed to assess progress in taking forward key proposals from the Financial Advice Market Review (FAMR), following the initiative’s one year progress report - which set out recommendations to improve the affordability and accessibility of advice, as well as address concerns relating to the liabilities of providers.
Discussion was also informed by a range of further policy changes to the regulated advice sector, including the forthcoming introduction of the pensions advice allowance and changes to the definition of financial advice - as well as the FCA’s published Asset Management Market Study - which included proposals for an all-in fee for investors, and measures to strengthen the governance of fund managers.
Further planned sessions discussed key issues relating to financial inclusion following the final report of the Financial Exclusion Committee, with latest thinking on the future for financial education, the impact of bank branch closures, next steps for developing a savings culture, and remaining challenges for supporting vulnerable groups of consumers to engage with financial services.
Delegates also considered the changing role of technology in financial advice and guidance, including key challenges and opportunities presented by robo-advice, and the role of online and mobile banking channels in reaching under- and un-banked consumers.
Speakers and other delegates at this conference were a senior and informed group of around 120 including Members of both Houses of Parliament, central government officials from HMT, FCA, PRA and other relevant departments, as well as industry representatives from building societies, banks, insurers, fund managers and investment services, pension and annuity providers, financial advisers, software developers and lawyers, alongside consumer bodies, commentators, think tanks, academics, charities and reporters from the national and trade press.