PIMFA welcomes the FCA’s proposals for improving financial advice to consumers
PIMFA, the trade association for wealth management, investment services and the financial advice and planning industry has welcomed the Financial Conduct Authority’s (FCA) proposals for improving access to financial advice for potentially millions of consumers.
Simon Harrington, head of public affairs at PIMFA, commented: “Too many people are expected to make significant financial decisions without the necessary level of personal expertise, or the right level of support to guide them.
“Clearly it would be preferable for everyone to have access to a fully qualified financial adviser but we are aware that this is both unrealistic and also uneconomical for millions of people.
“With that in mind, we believe that the proposals put forward today will go some way to closing the UK’s support gap – ensuring that people are able to access targeted financial advice which is relevant to their needs. It is vital that firms feel empowered to provide support without the concern of being seen to provide financial advice and we are hopeful that this will manifest itself in a manner that consumers derive value and meaning from being told what people like them would do in similar circumstances.
“In order for these proposals to be successful, it is vital that they are both commercially viable for firms as well as ensuring that consumers are guided towards good outcomes for them, rather than the firm guiding them. We will continue to work closely with both parties on this review in the spirit of the welcome practitioner led approach that the review has been conducted in up to this point.”
