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FAMR Final Report

14/03/2016

Richard became Old Mutual Wealth chief distribution officer in 2016, having previously been CEO of Intrinsic, one of the UK’s largest networks of independent and restricted financial advisers. He sat on the FAMR expert panel in a personal capacity. 

Old Mutual Wealth chief distribution officer Richard Freeman says:

“The findings and recommendations of the FAMR are good news for consumers and advisers alike and the Review has identified some important issues for reform.

“High-cost and unpredictability in the FSCS levy has become a burden on adviser firms, prohibiting small business owners from investing for the future. The FCA and Treasury have today recognised these concerns and we believe that a more proportionate FSCS levy on advisers will help create economic conditions that allow firms to grow.

“The cost and burden of regulation is also something that advisers tell us can be prohibitive to the growth of their business. Where regulation and regulatory processes can be simplified without consumer detriment they should be, so it is pleasing to see the regulator is prepared to look at reducing the length of suitability reports, making them more relevant and accessible for clients.

“It is also pleasing to see a firm commitment to clarifying the boundaries of advice and guidance. Defining ‘Advice’ as a personal recommendation would be a positive step, giving firms more clarity and creating a line in the sand between advice and guidance. 

“Allowing consumers to access part of their pension pot early in order to fund the cost of advice is a bold proposal. It will undoubtedly require careful legislation but if it allows more people to access at-retirement advice then this can only be a good thing.

“Equally, making it more cost-effective employers to contribute to the cost of advice will encourage uptake. The workplace can be the best environment to get people thinking about the need to build a financial plan and improving the economic case for employers to contribute to the cost of advice is positive.

“Perhaps the most important thing though is the overall positive tone regarding the future of the advice industry. The merits of regulated advice are not always clear to the wider public and encouraging a positive rhetoric around the benefits of financial planning is really important. It is really pleasing to see the FCA and Treasury speaking positively about advice and encouraging government to look at ways to nudge people to seek financial advice.”

 

 

For more information contact:

Michael GlenisterOld Mutual Wealth +44 (0)7469 144 535
Tim Skelton-SmithOld Mutual Wealth+44 (0)2380 916998+44 (0)7824 145076

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.