The Financial Conduct Authority (FCA) has set aside £400,000 to cover the man hours it expects to spend on its joint work with the Treasury, the Financial Advice Market Review (FAMR).
The regulator expects its staff to spend 5,300 hours on reviewing the financial advice market between this October and March next year. The money will be spent on its current pool of staff, many of which will be redeployed to focus on the project. The regulator said it is unable to provide an estimate for the total cost of the review, which follows its comprehensive Retail Distribution Review (RDR) coming into force in 2013. Oversight of the RDR cost the regulator £3.3m in the year to March 2014, up from £2.4m in 2012/13. FAMR is being carried out by the Treasury and FCA in the ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
