FCA has published an evaluation of the impact of the RDR and FAMR. On the whole, it found a positive impact. It notes that the FAMR has:
- led to a small increase in the number of adults who receive financial advice, and in the number of advisers;
- helped firms to develop automated advice models, and consumer awareness of automated advice has increased.
It does also see the need for more help as many consumers are not investing their money as best they could, and competition could be improved. It feels that more tailored guidance services and simpler advice services could help attract more consumers to the advice they need.