Advice/guidance review 'will not close advice gap for good'

Advisers reveal their doubts about the FCA’s advice/guidance review

Sahar Nazir
clock • 1 min read

The majority (72.4%) of financial advisers have said the advice/guidance review proposals will not close the advice gap for good, according to a recent PA Asks survey.

Just 3.4% said the proposals will permanently close the advice gap, whilst 24.1% said they do not know. One respondent who answered no, said the advice gap "can only be closed by increased automation and more of the public perceiving advice as a benefit". Another said there is "no clear definition as to what constitutes as advice, therefore we have to assume that everything comes under that heading". They added that advisers are "still talking about client agreements which will run forever, and until clients actually take some sort of ownership and interest in finances the situation h...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why the personal advice touch will thrive amid generational digital disruption

Why the personal advice touch will thrive amid generational digital disruption

Growing appetite for protection amongst younger people

Roger Brosch
clock 07 February 2025 • 4 min read
Financial planning shifts from 'sales-based to experience-based' industry

Financial planning shifts from 'sales-based to experience-based' industry

Sector shifts towards inclusivity and client experience

Sahar Nazir
clock 07 February 2025 • 2 min read
FCA: 'We need to deliver policy quickly' to tackle advice gap

FCA: 'We need to deliver policy quickly' to tackle advice gap

Sara Woodroffe stressed the need for swift action amid advice/guidance boundary review

Sahar Nazir
clock 07 February 2025 • 2 min read