Blog: FAMR does not solve advice prestige problem

Professional service not required

Carmen Reichman
clock • 2 min read

Full face to face financial advice will remain a preserve of the rich, even after the Financial Advice Market Review (FAMR), writes Carmen Reichman

FAMR was set up to broaden consumer access to financial advice following the government's pension freedom reforms. With the fairly low take-up of the government's free at-retirement guidance service Pension Wise, and the complexity of decision making faced by even the least wealthy at that particular point in their lives, the government had a problem: how to protect consumers from making bad decisions that could potentially impact the rest of their lives. Although FAMR was set up to solve the advice gap - an unintended consequence of the Retail Distribution Review (RDR) - there was nothi...

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 Regulation

Open finance could pose 'existential threat' to advice market

Open finance could pose 'existential threat' to advice market

Consumer Duty Alliance tech forum attendees hear

Sophia Panayi
clock 23 July 2026 • 3 min read
New regulations and challenges in the EU and UK: What are advisers' next moves?

New regulations and challenges in the EU and UK: What are advisers' next moves?

Regulatory simplification vs expanding oversight

Bernadine Reese
clock 16 July 2026 • 4 min read
FCA investigates 11 potential Consumer Duty breaches including small IFA

FCA investigates 11 potential Consumer Duty breaches including small IFA

Publishes good practice review

Michael Nelson
clock 13 July 2026 • 4 min read