FCA pledges to address long-stop, FOS and advice definitions in FAMR

In a paper published on 9 March, the regulator again acknowledged adviser concerns around the lack of a long-stop, the inconsistency of Ombudsman decisions and the 'confusing' definitions of advice, pledging it will address these as part of its current review of the advice market. The FCA had been consulting the industry on perceived barriers to innovation and was told by "many" adviser representatives the lack of clarity over regulatory definitions of advice, guidance and personal recommendations were a barrier to the use of digital and mobile solutions. Some went further and suggest...