A review of the UK Treasury and Financial Conduct Authority to be launched this autumn shows that cheaper financial advice could be offered to everyone, not only rich people and pensioners.
The regulator believes that banks and investment firms could open up access to advice across the market in savings, investments, mortgages and other areas to customers who do not have the means to hire traditional (and expensive) financial advisors.
The Money Advice Service could be one of the options to be considered if given more resources and an increased remit.
It is vital for the entities under consideration to be able to provide simplified advice, with automated advice and straightforward answers to questions regarding issues such as details of costumers’ financial circumstances and investment objectives.
According to Ms McDermott, who will be interim chief of the Financial Conduct Authority from September onwards, the review is seen as an opportunity to look at how the market is working and eventually overcome some obstacles highlighted with rules currently in place.
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