FCA updates on FAMR

FCA has announced the names of the 17 firms who have to date participated in its advice unit . There have been two cohorts of firms, representing deposit-takers, pension firms, IFAs and wealth managers and has included firms that provide web-based services. The unit is now expanding to include also firms that are developing automated advice models in the mortgage, general insurance and debt advice sectors and those that want to provide guidance but not regulated advice. It will also accept applications at any time, rather than at set dates.

FCA has also published its Baseline Report on the FAMR, which has identified three themes for measuring market development – accessibility, affordability and quality of advice. It plans to track and publish these annually. FCA has also decided to combine its RDR post-implementation review with the 2019 FAMR review, thereby delaying the RDR review by 2 years. It says this will both give the market time to react to the MiFID 2 and FAMR changes and minimise firms’ reporting requirements and allow FCA to make the best use of its resources.

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