What do you really think of the FAMR?

What do you really think of the FAMR?

A damp squib, a stitch-up for the banks to steal market share, or a blueprint for the next ten years in financial services? The Financial Advice Market Review has certainly divided opinion more starkly than anything since the RDR.

That’s why it’s an ideal candidate for the latest Space Money Talks forum. And this time, we are asking the opinions of a panel of industry specialists – including;

Alastair Conway, Chief Executive of James Hay
Steven Levin, CEO Investment Platforms, Old Mutual Wealth
Mike Morrison, Head of Platform Marketing, A.J. Bell
Roger Sanders, Managing Director, Lighthouse Workplace Solutions
David Tiller, Head of Adviser & Wealth Manager Propositions, Standard Life

We’re also throwing the Money Talks doors open to anyone else who’d like to watch or join the debate.

The session is on the evening of May 25th at WeWork in Moorgate, full details below. As usual, financial journalist John Lappin will be in the moderator’s chair.

Book your ticket for free here: https://spacemoneytalks-famr.eventbrite.co.uk

Disappointing or exasperating?

It’s been fascinating to see how the industry has responded to the FAMR thus far. Advisers really wanted to see some compromise on the longstop but, to the disappointment of many of them, it wasn’t forthcoming. This led to some very negative headlines in the IFA trade media.

The FAMR exasperated others by passing a lot of work on to committees and working parties, as part of a staggering 28 recommendations.

Yet while there was no RDR-style grand plan unveiled, the FAMR could still cut to the very heart of how advisers, insurers, fund managers, retail banks and investment platforms operate in the next decade.

That’s because many of the review’s recommendations are concerned with increasing the reach of financial services, with repeated references to automated and streamlined advice.

Related to this – and arguably of even more significance – is the FAMR’s examination of the core definitions of advice and guidance. But does this represent a major concession to new entrants, a second chance for banks, or merely a generalised aspiration for the future?

Could the FAMR really change everything?

We think it’s important to remember that a rather impatient Treasury is driving much of this process. Remember, the FAMR is also examining the operation of the FOS and the funding of the FSCS. And it looks set to require the FCA to understand the impact of its policies on advisers.

All of which means the FAMR is certainly not, in our view, small beer.

So is it really a case of too many meetings and working parties? Or could it actually Change Everything?

The jury’s out and it’s time to put the FAMR under the microscope and really understand what it means for all of us in the FS industry.

Join us on 25th May at WeWork Moorgate

Remember, the Money Talks FAMR session is on Wednesday May 25th at We Work Moorgate in the heart of the City. It runs from 6.00 pm to 7.30 pm, and afterwards there’ll be a chance for some more informal discussion and networking in the WeWork bar.

If you’d like to join us, sign up here to say you’re coming. Naturally, attendance is free but numbers are limited.

And, of course, if you can’t be there in person, highlights from the evening will appear on the Space YouTube channel shortly after.

 

 

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