United Kingdom (and EU regulation)

Financial Advice Working Group recommendations following FAMR

The Financial Advice Working Group (FAWG) has published the following three reports for HM Treasury and the FCA:

Rules of thumb and nudges: improving the financial well-being of UK consumers. This responds to Recommendation 18 of the March 2016 final report on the Financial Advice Market Review (FAMR) and recommends a set of five new financial rules of thumb, together with principles for designing nudges for consumers and illustrative examples;
Financial well-being in the workplace: a way forward. This responds to Recommendation 12 of the FAMR and considers how employers can provide better support to their employees with respect to managing their personal finances. It recommends that the Money Advice Service delivers and implements a portal and guide to help employers support their employees’ financial well-being; and
Consumer explanations of “advice” and “guidance”. This responds to Recommendation 17 of the FAMR and recommends that the terms for advice and guidance are not changed.