FAMR opens the door to a resurgence of bank-based advice but are providers ready? Adrian Boulding says the review poses a real risk for 'business as usual' advocates
It is exactly four years ago that the Financial Services Authority (FSA) unveiled its finalised guidance on simplified advice, publishing it just nine months before the Retail Distribution Review (RDR) went live, but the guidance failed to do the job and simplified advice was never defined adequately. During this period pre-RDR there was feverish discussion in the industry about how to define ‘basic' (then associated with stakeholder pension products), ‘streamlined', ‘simplified', ‘restricted' or ‘focused' advice. The only category of advice that made it through the regulator's wringe...
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