Ben Hampton CEO of Wealth Wizards, has been appointed to the working group responsible for the advice/guidance boundary review.
The Financial Conduct Authority (FCA) and the Treasury are working together on this assessment, which intends to evaluate the distinction between financial advice and guidance.
As part of the Edinburgh Reforms, the FCA announced the formal review in September 2022, and Chancellor of the Exchequer Jeremy Hunt committed to it in December 2022.
The assessment will give the Treasury and FCA the chance to learn in-depth information about how the barrier operates and what effect it has on consumers.
In her statement on September 27, 2022, Sarah Pritchard, executive director of the FCA, indicated that the goal is to “reduce the regulatory burden whilst maintaining the right level of consumer protection.”
The review’s main objective is to increase regulatory certainty and clarity regarding the parameters in which financial firms must operate in order to effectively help consumers when they make financial decisions.
Wealth Wizards CEO Ben Hampton says: “With our vision and commitment to help the industry deliver financial well-being for everyone, Wealth Wizards is delighted to have been asked to participate in the working group.
“Drawing on our extensive knowledge and experience in delivering both financial advice and guidance during this review we will provide valuable input to the working group, the FCA and Treasury.
“The blank canvas approach of the review will open up the opportunities to address the Advice Gap, explore how the industry can help more people in the UK get to grips with their finances and deliver greater financial well-being in the UK.
“We believe digital services will be central to helping the industry deliver financial advice and guidance. It will enable financial services companies to provide a broad range of consumers with the information to make better-informed financial decisions, whilst optimising their resources to ensure cost effectiveness.”
