The PFS will continue to tackle “unfinished business on the regulatory front” and push for a second Financial Advice Market Review (FAMR) in 2021.
Reflecting on what the year ahead holds for financial advisers and what they can expect from their professional body, Keith Richards, chief executive of the PFS, said the need for advice will be greater than ever.
As vaccines and treatments slowly make headway and the UK economy finds a way to function effectively once fully out of the European Union, Mr Richards said financial advisers will have to adapt quickly to whatever environment we find ourselves in and come up with solution for clients who will have very different experiences of Brexit and Covid-19 measures depending on the sectors they work in.
In March 2020, before the first lockdown to slow the spread of coronavirus, the PFS wrote to the Financial Conduct Authority and HM Treasury calling for a second FAMR.
The professional body’s letter highlighted that the FAMR back in 2015 recognised an advice gap that needed to be filled, but five years on many of the issues identified as limiting the supply of financial advice remain unsolved and, in some cases, have got worse.
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