Blog: FAMR does not solve advice prestige problem

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...