If the FCA were to use its current call for input on the RDR and FAMR to usher in a more open approach to advice in a way clients can really understand, argues Vinay Jayaram, it would be a hugely significant move
At the start of this month, the Financial Conduct Authority published a call for input to help it evaluate the progress of both the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR). Advisers, fund houses, platforms and providers will all be well aware of the impact of these two initiatives. The RDR shook up business models and saw some advisers exit the industry while the FAMR, with which we engaged extensively, sought to narrow the advice gap, coming up with some tweaks to wordings of definitions, talking up the ‘regulatory sandbox' and creating some ‘basel...
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