On 14 January 2020, the FCA updated its webpage concerning the call for input on the evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
The FCA states that since issuing its call for input in May 2019 it has now received almost 300 responses from the 400 surveyed firms and will begin analysing this data. The FCA has also commissioned qualitative research on how consumers interact with the market. This research will gather information based on consumers’ view of their needs for support with financial issues, how they go about that support, and their experiences. The FCA will use this data to inform its view on whether there are any gaps between the products and services firms are offering and what consumers need and want.
In terms of next steps, the FCA will continue to work closely with other organisations and stakeholders with a focus to learn more about the impact technology and innovation has had on the market and what challenges and barriers remain that may stifle growth in this area. The FCA is also inviting views on the effect open finance could have on the market and what role the FCA will play to facilitate its developments.
The FCA expects to publish its findings of the RDR and FAMR review in Autumn 2020.