“It is an opportunity to collectively raise awareness of the value of financial planning and the key role it plays to collectively build public trust and influence the future direction of travel.
Advice guidance
Richards went on to explain some of the FCA's other initiatives that will help boost the profession.
He said the advice guidance boundary review was another "key point in time".
It was originally introduced under the financial advice market review, where government and regulators would work together to see how we increase access to advice.
But due to Brexit, this got shelved until these plans were reintroduced as part of the advice guidance boundary review.
"The purpose is to increase consumer awareness of the importance of financial planning, not just for the services that you provide, but also simplistic guidance that people need to actually educate themselves for a bit of self preservation," Richards explained.
Speaking to FT Adviser at the event, Nick Hulme, head of department for advisers, wealth and pensions at the FCA, said there would always be a place for 'full fat advice'.
However, this review is about finding additional things to hook onto the full advice process and get people on that “stepping stone journey”.
He said: “There was an individual talking to me about learning to drive a car. If you want to learn how to drive a car and get the bug for driving, you don’t start with a Ferrari; you start with a smaller car,” he explained.
“You might only have that car for a small period. You might go on the quiet roads, but you eventually get the bug so that you then go ‘I really do want to drive faster. I feel confident I can drive faster. I want to have a Ferrari.’
"This is another way of setting out what we are trying to achieve.”
amy.austin@ft.com
