The Financial Conduct Authority should listen to industry feedback on its advice-guidance consultation and then "act fast" to implement the changes, says Unbiased's Karen Barrett.
She says too many people are currently not getting the help they need, so swift implementation is needed.
"It's been a decade since the Retail Distribution Review; the numbers of people seeking advice and getting advice have remained low and we know that we need more financial education and more people getting guidance and advice when they're facing these big financial decisions," she says.
"So what I'd really like to see now is the FCA listening to what the industry has to say, because they typically say, you know, what needs to be done and give some really good guidance, and then acting fast to deliver that to the market so that more people can get the advice that they need."
Barrett agrees the proposals in their current form, including targeted support and simplified advice, could fall into the hands of larger firms and those with a broader offering. But choice will be there for consumers, she adds.
"I know of a number of brands who are segmenting the market from the wealth end right down to the digital advice and self-serve [end]. So I think the choice is going to remain there for the consumer, it's just who's the parent company of those brands that are offering that advice in the market."
The industry has been evolving for years, with more consolidation and private investment flowing in, but it is still a slow process and will be so for the foreseeable future, Barrett notes.
To hear more about trends in the advice market this year and what advisers can do to prepare for the year ahead, click on the image above.
carmen.reichman@ft.com
