The Financial Advice Market Review (FAMR), published today, has included recommendations for a further consultation on the definition of 'regulated advice', which could help advisers service a wider client base more effectively.
FAMR asked the government to consult on amending the definition of regulated advice in the existing Regulated Activities Order (RAO) so that regulated advice is based upon a 'personal recommendation' in line with its definition under MiFID. The current definition in article 53 of the RAO is broader and less specific than the definition used in MiFID. FAMR wants the Treasury to create a single definition for regulated financial advice and remove some of the barriers that exist for firms wishing to offer so-called guidance services. FAMR found confusing terms, high costs and a lack of t...
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