If you are a TISA member, and would like to get involved with the Financial Guidance & Simplified Advice work, please get in touchGo to
Unlock ability for firms to provide better quality, more personalised financial guidance and simplified advice to consumers
The purpose of the TISA Financial Guidance and Simplified Advice Working Group is to work with a group of leading financial services firms who are collectively of the view that the current definition of financial guidance remains ambiguous and this is causing consumer detriment.
Key issues include:-
FCA has committed to considering the proposals as part of their future planned activities to recraft MiFID regulations to better suit the UK retail investment landscape, and has requested TISA’s input into their longer-term plans to rewrite MiFID (now it is UK law). This is an excellent once-in -a-decade opportunity for TISA and our members to shape the regulatory landscape for investment products, to ensure the needs of UK society are better met. This will be a future focus of this Working Group.
TISA secured a number of key meetings with Treasury Select Committee MPs. Ex-City Minister Harriett Baldwin MP requested TISA draft an amendment to the Financial Services & Markets Bill 2022 (currently going through Parliament) covering the TISA policy ask. She made a highly supportive speech in the House of Commons for the policy change, mentioning TISA, and alerted the House that she will be tabling the TISA amendment. TISA has submitted its written evidence to the Public Bill Committee for the FS&M Bill 22.
TISA has continued engagement with other trade bodies on our proposals, to help ensure the industry remains consistent and speaks with one voice. A joint letter (to be signed by IA, ABI, PIMFA and the AIC) should be approved imminently which will be calling on HMT to consult on changing the Advice-Guidance boundary.
The Financial Guidance and Simplified Advice Working Group meets monthly. The core group consists of seven member firms working collectively to address the issues. In addition, there is a wider group of a further 15 organisations that are making contributions to the core group and are supportive of the need to address the key issues. The group also receives updates at each meeting on other relevant TISA initiatives.
A J Bell Securities Limited
Aegon UK PLC
Aviva UK Insurance
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
Brewin Dolphin Ltd
CMC Markets Investments Limited
L & G plc
Scottish Widows Plc
St James’s Place Wealth Management
Standard Life PLC
Vanguard Asset Management Ltd
Strategic Policy Director leads on this work at TISA