PIMFA welcomes FCA proposals for a simplified advice regime

30 November 2022

PIMFA welcomes FCA proposals for a simplified advice regime

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, has welcomed the Financial Conduct Authority’s (FCA) proposals for a simplified advice regime to encourage more consumers to seek financial advice and reduce the cost burden of advice for relatively simple financial decisions.

Simon Harrington Head of Public Affairs commented: “We welcome this proposal from the Financial Conduct Authority (FCA). PIMFA has long been an advocate of a simplified advice regime – setting out our own proposals for such a regime in a policy paper published earlier this year – and while we think that there are areas where these proposals could be extended upon, they represent a significant building block in providing individuals with a safe way to save and invest.

“Financial advice is an extremely important tool in helping people to adequately understand the options which are available to them, delivered by an individual who is appropriately qualified and, most importantly, not commercially incentivised to sell them products which are not in their own personal interest.

“These proposals provide consumers with a first step on the ladder towards accumulating wealth in an efficient manner and should build broader individual confidence in the saving and investment market and the financial advice profession more broadly. We look forward to engaging positively with these proposals.”

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NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA  leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Find out more about PIMFA’s Diversity and Inclusion work – read more
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011