Source · Select Committees · Treasury Committee
Recommendation 13
13
Paragraph: 94
In future, the FCA should set out in its annual perimeter report how its supervisory...
Recommendation
In future, the FCA should set out in its annual perimeter report how its supervisory strategies and policies reflect the activities of authorised firms both within and outside the perimeter.
Paragraph Reference:
94
Government Response
Acknowledged
HM Government
Acknowledged
Through our ongoing work in the consumer investments mass market, we want to improve the support available from firms to consumers, so that they are better equipped to make financial decisions. The ‘Evaluation of the impact of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR)’16 found that consumers generally do not seek or receive the help that would equip them to make better investment decisions, and many are holding their investible assets in cash rather than investing them. consumers’ need for support, including more tailored guidance services. We are currently working with stakeholders to understand how we can best address regulatory barriers to help the market develop these services, and guide consumers towards making better investment decisions. This intervention could also help to guide and support consumers towards suitable products and away from inappropriate high-risk investments that do not meet their needs. This work includes ongoing engagement with MaPS, which is responsible for ensuring that consumers have access to the information they need to make effective financial decisions over their lifetime.