An announcement by the Financial Conduct Authority (FCA) and the government has revealed that a financial advice review is soon to take place, which will also include mortgage advice.
The Financial Advice https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget review
was announced by Harriett Baldwin, the city minister in Scotland. Baldwin said that the review will:
“..examine how financial advice could work better for consumers, building on the government’s pension reforms which have allowed people real choice and freedom over their savings and given them access to free and impartial guidance.”
The announcement stated that the review would tackle the “advice gap” problem for people who are hardworking, want to progress in life and do the right thing, although they aren’t wealthy. The review will also make sure that regulation and legislation doesn’t prevent firms from providing accessible and affordable financial advice. Barriers which prevent people from seeking financial advice will also be addressed during the review.
According to Baldwin, the long term plan of the government and FCA is to provide financial services which support people throughout their life. All financial products will be affected by the review, including mortgages, insurance, savings and pensions, with the results of the review to be published before the Budget 2016 is released. Current financial guidance which is free and impartial will also be reviewed with a view to making it more effective.
Mortgage advisers always have to be prepared for any changes to regulation and advice, so their clients can receive the best possible support. To be up-to-date on current financial advice, potential advisers will be applying for CeMAP courses in Leeds and other areas of the UK to start their career in this exciting market.