FAMR 'will lead to safe harbour products'

Carmen Reichman

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...

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