On 24 September 2018, the FCA published a new webpage on baseline tracking relating to the Financial Advice Market Review (FAMR). The webpage includes new FCA research tracking baseline indicators (the Report). Baseline indicators were identified in the FAMR baseline report published in June 2017. The baseline report was the culmination of the FCA and HM Treasury’s joint research into ways in which government, industry and regulators could take individual and collective steps to stimulate the development of a market that delivers affordable and accessible financial advice and guidance to all consumers.
The Report, dated August 2018, outlines the findings from an FCA survey on the behaviour of UK adults in relation to taking regulated advice and guidance, and their perceptions of this market since 2017. Key findings of the Report include:
- 4.5 million UK adults had regulated financial advice in the last 12 months, up from 3.2 million in 2017;
- fewer adults who have had regulated financial advice in the last 12 months related to investments, saving into a pension or retirement planning now seek advice regularly;
- relatively few adults who have not had regulated financial advice in the last 12 months, but whose circumstances suggest there might be a need for financial advice, have had issues accessing financial advice
- those who have had regulated financial advice in the last 12 months are generally satisfied with the quality of the service received and the price paid – there is little shopping around;
- two-thirds (66%) of adults who received regulated financial advice in the last 12 months also used at least one type of information or guidance related to investments, saving into a pension or retirement planning – an increase from 2017.