FAMR 'will lead to safe harbour products'

Carmen Reichman
clock

The Financial Advice Market Review (FAMR) could herald the return of banks and product providers offering mass-market advice propositions, Sesame Bankhall Group (SBG) executive chairman John Cowan has said.

Cowan said the FAMR is likely to bring forth ‘safe harbour' products to be distributed by banks and insurers. He said full regulated advice cost about £150 per hour and was too expensive for people with pots worth between £34,000 - £50,000 - the main target demographic of the government and Financial Conduct Authority (FCA) joint review. Sesame was once the UK's largest adviser network but wound down its wealth arm in March after a string of regulatory issues and a strategic review by parent company Friends Life. FAMR was launched in August to find ways to bridge the so-called 'adv...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read
New era for workplace pension governance as TPR overhauls practices

New era for workplace pension governance as TPR overhauls practices

The regulator’s long-awaited general code of practice has been published

Hope Coumbe
clock 11 January 2024 • 1 min read