FAMR Final Report


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:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy 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; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at


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