The introduction of ‘safe harbour' legislation for financial advisers would be a welcome step towards rebalancing liability between advisers and clients, according to one stakeholder, after the government announced a major review looking at how advice could work better for consumers.
Chris Williams, founder of robo-advice investment business Wealth Horizon, said there "had to be a view that consumers are able to make their own decisions". The government and Financial Conduct Authority (FCA) have launched the Financial Advice Market Review (FAMR), which has been set up to improve less wealthy consumers' access to financial advice. As well as looking into the apparent advice ‘gap' for savers, it said the review would examine the role "regulatory carve-outs such as a so-called safe-harbour" could play. Safe harbour legislation exists in both the US and Australia: ...
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