FCA has provided an update on its work on the RDR and FAMR review, on which it expects to fully report later this year. Its most recent work involved surveying around 400 firms for information on their advice services – including business models and strategies, target customers, charging structures, future plans, use of technology and recent innovations. It is now analysing the responses.
It has also commissioned qualitative research on how consumers interact with the markets, and is working to understand the impact of technology on the market and how it can meet current and future consumer needs.
Finally, FCA reminds us that the review is part of a broader package of work on retail investment and pensions/long term savings, and wants to hear firm’s views on open finance.