Minister admits more needs to be done on access to advice

Financial Planners

Treasurer Andrew Griffiths has acknowledged that “further progress is needed” to increase acceptance of financial advice.

He was replying to a letter sent to the Treasury Department as part of FTAdviser’s “Promote your Profession” campaign.

“Encouraging the provision of financial advice to a wider consumer base has been a long-standing government goal and could improve the long-term financial well-being of many households across the UK,” said Griffiths. I believe,” he said.

“Although acceptance of financial advice has improved in recent years, the government recognizes that more progress is needed.

“We were therefore pleased to explain the Government’s intention to work closely with the FCA on reviewing the regulatory boundary between advice and guidance, which the Prime Minister reiterated in his recent Edinburgh reform announcement.

“This review aims to improve access to helpful support, information and advice while maintaining strong protections for consumers.”

Griffiths was responding to a letter sent to the Treasury Department by Richmond Park Representative Sarah Olney after being contacted by one of her voters, a financial adviser, as part of the FTAdviser campaign.

Marco Tarent, director and financial planner at Richmond-based Journey Invest, wrote to Olney after creating a template letter that FTAdviser could use and send to constituencies. .

The letter template calls on lawmakers to address issues such as disproportionate fees and charges, a regulatory system that fails to support entrepreneurial advisers and their clients, and the need for better financial education.

“As the independent regulator of the financial advice market, the Treasury will ensure that the market functions well, competitively and fairly for both businesses and consumers and that the advice provided is of high quality,” Griffiths said. We are working closely with FCA to achieve this.” .

“It is important that the FCA continue to work to identify opportunities to ensure regulatory balance across the financial sector.”

Addressing the issue of FCA and FSCS fees and penalties, he said the Treasury Department had set up a legal framework for this, but that its relationship with regulators “has severely limited powers.”

The “Promote your Profession” campaign was launched earlier this month, bringing together advisors, planners, paraplanners and brokers to share best practices and encourage collaboration to improve their profession.

It has four purposes:

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