The Financial Advice Market Review (FAMR) has come under fire for being too difficult and time-consuming for advisers to respond, creating a danger the 'views on the ground' have not been heard.
Provider Zurich said the Financial Conduct Authority (FCA) and Treasury's joint project was "unrealistic" from the outset, as it would have taken an adviser "a week" to respond to the review. The FCA recently released figures as part of a Freedom of Information request showing a mere 68 advisers had responded to FAMR. FAMR launched last August in an attempt to find ways to bridge the so-called 'advice gap' and broaden the reach of regulated advice. Industry consultations supporting the review opened in October focusing on robo-advice and free guidance provision, and closed on 22 De...
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