Tom Hegarty: Surely any kind of regulated advice is better than none

Create operational efficiencies

clock • 3 min read

Not everyone needs independent face-to-face advice, writes Tom Hegarty, so the profession must look to offer alternative solutions to those who cannot access or afford this route

The FAMR Baseline Report, published by the Financial Conduct Authority (FCA) and HM Treasury in June 2017, not only highlighted that only 3.2 million of the UK adult population had received financial advice in the previous 12 months, but also that 12.8 million did not take advice but might have had a need for it. Interestingly 58% of these people said they would be willing to pay for advice if the costs were ‘reasonable'. This means our sector is in a strange position, where there is a consumer demand and a willingness to pay for the professional services we can provide, yet we are unabl...

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 Your profession

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read
FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read