Advisers need to better identify and support vulnerable clients to address a financial gap in the UK, Financial Conduct Authority (FCA) director of competition Graeme Reynolds has said.
Speaking at the Personal Investment Management and Financial Advice Association's (PIMFA) Wealth Vulnerability event yesterday (24 October), Reynolds pointed to over £430bn in potentially underutilised cash assets held by 4.5 million UK consumers with investible assets over £10,000, stressing the need for innovative solutions in financial advice. Reynolds suggested that the advisory sector is critical in bridging this gap, especially in assisting individuals to make productive use of their finances amid economic challenges. "We are aiming to unlock greater competition and innovation," he...
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