FCA has published the Progress Report reporting on the progress towards implementing the FAMR recommendations. The FAMR final report set out 28 recommendations which are addressed in the progress report.
The Financial Advice Market Review (FAMR) was launched in August 2015 to explore ways in which government, industry and regulators can take individual and collective steps to stimulate the development of a market to deliver affordable and accessible financial advice and guidance to everyone.
The recommendations outlined in the report were aimed at:
- providing affordable advice to consumers
- increasing the accessibility of advice
- addressing industry concerns relating to future liabilities and redress, without watering down levels of consumer protection.