FCA announces review of the advice boundary for financial services
"The weight of regulation should be commensurate with the level of risk but moving away from the one-size-fits-all approach mandated by MiFID will be complex and it will need assistance and input from industry.
"We are getting ready now for the greater opportunities that will exist in future to set rules that are appropriate for the UK."
Anne Fairweather, head of government affairs and public policy at Hargreaves Lansdown, commented:
“For a long time, Hargreaves Lansdown has recognised that the advice boundary is a barrier to our ability to guide clients towards better outcomes. Whether it is pointing clients to a lower cost index tracking option or reducing the risk that clients run out of pensions savings too soon, there’s a bigger role firms can play supporting their customers. This review is a big opportunity to demonstrate how innovation and data analytics can guide people with their financial choices. We see this as a crucial step to help savers and investors in the cost-of-living crisis and support the nation as we rebuild our financial resilience in the longer term.”
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