Financial Guidance & Simplified Advice Working Group

Unlock ability for firms to provide better quality, more personalised financial guidance and simplified advice to consumers

Industry challenge

Since the introduction of the RDR and implementation of MiFID interpretation of advice, the number of people who can access and/or afford advice has reduced significantly. The current rules on financial guidance limit the support that financial services firms are permitted to provide without this constituting advice and consumers find themselves with limited options to help them in making financial decisions.

Group purpose

TISA is campaigning for a change in the regulations to accommodate greater use of personalised data to facilitate engaging with customers in a way that helps them to make their own decisions across a range of basic money management activities.

Areas of focus

  • Improving consumer access to financial guidance. Only 8% of the adult UK population are using advice, mainly due to costs. UK consumers have very low levels of financial capability and the interpretation of financial guidance rules results in people not receiving the level of support required to facilitate them in making an informed decision leading to considerable financial detriment across the majority of households in relation to short, medium and long-term financial planning and saving.

Group strategy

Goal/s: To persuade stakeholders to launch a FAMR II consultation (in 2022) aimed at determining a future regulatory regime around the definition of advice that better meets the needs of consumers and the UK regulatory framework (of which RDR forms part of).

Strategy:  1) Socialisation of issues around current Advice definition (with FCA, HMT, DWP, BEIS, MAPS); 2) Direct engagement with FCA and HMT; 3) Thought leadership on future legislative/regulatory solution.

Participating member firms

A J Bell Securities Limited
Aegon UK PLC
Aviva UK Insurance
Barclays Wealth
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
Brewin Dolphin Ltd
CMC Markets Investments Limited
Fidelity International
Hargreaves Lansdown

L & G plc
Money Guided
Phoenix Group
Scottish Widows Plc
St James’s Place Wealth Management
Standard Life PLC
Tesco Bank
Vanguard Asset Management Ltd

Prakash Chandramohan,
Strategic Policy Director leads on this work at TISA

If you are a TISA member, and would like to get involved with the Financial Guidance & Simplified Advice work, please get in touch

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