‘FCA review of ongoing advice findings welcomed’ – BNY Investments

Richard Parkin, Head of Retirement for BNY Investments, comments on the findings of the FCA’s review of whether financial advisers are delivering ongoing advice services that consumers have paid for:

“The FCA’s review found that the majority of financial advice firms are providing the ongoing service that clients are paying for. BNY Investments’ latest research, Retirement Advice in the UK: Time for change?, supports this view. Our survey of financial advisers found financial advice firms scored highly with clients for their ongoing service, with 92% of advised clients surveyed feeling on track to achieve the retirement they envisaged.

“Certainly, retirement is an area where ongoing reviews are essential. Our research showed that financial advice firms are continuing to strengthen their offering here, with over half (60%) stating they are looking to enhance their services. 

“The regulator acknowledged that clients may not always engage with firms on annual reviews. We expect advisers will be pleased to see that the FCA is taking a proportionate approach to redress in these circumstances.”

1. The survey of 208 financial advisers and 254 advised consumers identifies areas where financial advice firms need to focus efforts to adapt retirement advice for today’s market environment.  
2. As a result of the FCA’s review of retirement income advice, BNY Investments research found 60% of surveyed financial advisers expected to make changes to the format and/or content of their regular review of services.