Chris Hill, CEO of Hargreaves Lansdown, comments:
“Early details of the advice/guidance review offer a great deal of promise. We’re delighted to see it will be a joint enterprise between the FCA and the Treasury, which demonstrates real ambition in the scope of the review. It’s also excellent news that it will start with a blank sheet of paper, and look at designing the best possible approach from the ground up.
“The review will undertake in-depth engagement with firms, which is absolutely vital to ensure the final proposals enable organisations to support their clients in the best possible way, using their data and expertise to drive better client outcomes.
“Changes to the advice guidance boundary will allow greater personalisation of consumer communications, which in turn will increase engagement and drive better decision-making and outcomes.
“It’s also pleasing that the FCA recognises how crucial digital technology is to this process: how it has transformed financial services, and how it has the potential to radically improve the support provided to consumers.
“We will have to wait for more detail of the timetable for the work, but the breadth and depth outlined today are hugely positive. We look forward to engaging with this process, and working to bring a step change in people’s finances.“
