Source · Select Committees · Treasury Committee
Recommendation 26
26
Paragraph: 145
The FCA should consider how it can improve its customer information so as to help...
Conclusion
The FCA should consider how it can improve its customer information so as to help equip customers with the ability to deal with the important financial decisions that they will have to take, and the risks that are attached to those decisions.
Paragraph Reference:
145
Government Response
Not Addressed
HM Government
Not Addressed
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. We want to see a market where there is a greater variety in services that can better meet 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.