Public consultation to be launched on financial advice

Monday will see the launch of a public consultation being carried out to discover what role technology can play in improving access to financial advice and what kind of financial advice consumers want.

The consultation marks the first part of the Financial Advice Market Review, which is being conducted by the Financial Conduct Authority (FCA) in partnership with the finance ministry.

Acting chief executive of the FCA Tracey McDermott said: "The financial decisions people make can have long reaching effects. It is important that the market provides accessible and affordable advice when people need it.

"The review is a chance for the FCA, government, industry and consumers to work together to ensure we can deliver a market that meets this need."

Economic Secretary to the Treasury Harriett Baldwin said it was important people are able to gain access to advice and guidance that is tailored to their particular needs, whatever stage of life they are at.

"That's why we’re exploring what more can be done to make sure consumers can access high quality and affordable advice so they can make informed decisions with their hard-earned money," she said.

The consultation will run until 22nd December, with the final report due to be published ahead of Budget.