In August 2015, the UK Government launched the Financial Advice Market Review (FAMR) to explore how consumers could access help with their finances more easily. One of the recommendations from the FAMR was that the UK Government should consult on amending the definition of regulated advice in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to bring it into line with the EU definition set out in the Markets in Financial Instruments Directive (MiFID). This would mean that only advice which makes a personal recommendation would be regulated.

HM Treasury has now published a consultation that sets out the background on this issue and seeks views on proposals to amend the wording in Article 53 of the RAO to reflect the text set out in MiFID. A revised text of Article 53 as it would be if the proposed amendments were made can be found in Annex A of the consultation paper. The proposed change would be made by way of an order under the Financial Services and Markets Act 2000.

The deadline for comments on the consultation is 15 November 2016.

View Amending the definition of financial advice: consultation, 20 September 2016