WMA Comment: Additional representation could strengthen the Financial Advice Market Review Panel
16th October 2015
The Wealth Management Association (WMA) today welcomed the Treasury and FCA’s Financial Advice Market Review (FAMR) and also pointed out how additional representation could strengthen the FAMR Panel.
Following the announcement of the expert panel Liz Field, Chief Executive of WMA said: “The WMA are delighted that one of our member firms is on the panel and the execution only space is represented by the retail banking sector.
“We do hope however, that the voice of the traditional wealth manager will be heard. They are the majority of the members of WMA and have many years of experience in the advice and guidance space with over 13, 000 qualified professional advisers operating from 520 offices throughout the UK, and who particularly want to see changes to enable them to contribute to closing the advice gap. WMA member firms look after over £670 billion of wealth for over 4 million retail investors and as such are well placed to contribute to this review.
“We believe that solutions lie in a combination of technology and face-to-face interaction underpinned by solid investment strategies tailored to individual circumstances. This is a successful strategy employed by the wealth management community.
“As the voice of the wealth management industry, the WMA and its member firms will continue to be wholeheartedly engaged in the consultation response process and will aim to assist as much as possible in the evaluation of the existing confines. We also aim to increase the discussion around how to empower savers to access our industry’s professional advisers.”
Notes for Editors
The Financial Advice Market Review objectives
The review will examine:
- The advice gap for those people who want to work hard, do the right thing and get on in life but do not have significant wealth;
- The regulatory or other barriers firms may face in giving advice and how to overcome them;
- How to give firms the regulatory clarity and create the right environment for them to innovate and grow;
- The opportunities and challenges presented by new and emerging technologies to provide cost effective, efficient and user friendly advice services; and
- How to encourage a healthy demand side for financial advice, including addressing barriers which put consumers off seeking advice.
About the Wealth Management Association (WMA)
- The Wealth Management Association (WMA) is a trade association that represents 186 wealth management firms (full members) and associate members who provide professional services to our full member firms.
- WMA members firms look after over £670 billion of wealth for over 4 million retail investors.
- WMA full members deal in stocks, shares and other financial instruments for individuals, trusts and charities through a range of services spanning execution only, advisory and discretionary fund management.
- The WMA exists to support its members and their clients in the following ways:
- To be an advocate for the sector with governments, regulators and the wider financial services community;
- To influence policy and also decision makers within the wider sector to the benefit of WMA members and their clients;
- To research and provide definitive information about the sector as required for members and in support of the influencing and advocacy objectives;
- To be a thought leader, to lead and stimulate debate and make members aware of emerging trends; challenging and provoking change.
- Facilitating the sharing of good practice, enabling the membership as a whole to benefit from the latest developments affecting the sector as well as providing support to enable them to develop good prescribe and overcome challenges.
- WMA firms operate across more than 580 sites, employing over 32 000 staff.
- These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.
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