PIMFA welcomes the Financial Conduct Authority’s proposals for improving financial advice to consumers

8 December 2023

PIMFA welcomes the Financial Conduct Authority’s proposals for improving financial advice to consumers

 

PIMFA, the trade association for wealth management, investment services and the financial advice and planning industry has welcomed the Financial Conduct Authority’s (FCA) proposals for improving access to financial advice for potentially millions of consumers.

Simon Harrington, Head of Public Affairs at PIMFA, commented: “Too many people are expected to make significant financial decisions without the necessary level of personal expertise, or the right level of support to guide them.

“Clearly it would be preferable for everyone to have access to a fully qualified financial adviser but we are aware that this is both unrealistic and also uneconomical for millions of people.

“With that in mind, we believe that the proposals put forward today will go some way to closing the UK’s support gap – ensuring that people are able to access targeted financial advice which is relevant to their needs. It is vital that firms feel empowered to provide support without the concern of being seen to provide financial advice and we are hopeful that this will manifest itself in a manner that consumers derive value and meaning from being told what people like them would do in similar circumstances.

“In order for these proposals to be successful, it is vital that they are both commercially viable for firms as well as ensuring that consumers are guided towards good outcomes for them, rather than the firm guiding them. We will continue to work closely with both parties on this review in the spirit of the welcome practitioner led approach that the review has been conducted in up to this point.”

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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 9869