The PFS is looking to gather evidence of the value of advice, to challenge the Financial Conduct Authority’s (FCA) perceptions.
The regulator’s Consumer Investment Data Review states that an increase in transactional advice rather than ongoing advice is the best way to ensure investors take risks with part of their wealth to improve their financial resilience.
The FCA came to this conclusion based on consumer research suggesting many were unaware how much they were paying for advice and assessed its value by looking at the performance of their investments (which is distinct from the charges they are paying to have been placed in them).
The PFS is calling on financial planning professionals to share the value of ongoing advice delivered to their clients, so this can be presented as evidence to the FCA of why it should rethink its approach.
PFS members are being asked to share examples of the value of ongoing advice given to their clients by emailing advice@pfs.org.uk or by tagging the PFS’s social media channels and adding the hashtag #pfsvalueofadvice
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