Philip Deeks, Director, Regulatory Insight Centre, KPMG UK, said:
“These bold proposals are exactly what's needed to help customers receive good outcomes. It's also an important step and will help many firms fully embed their obligations under the Consumer Duty.
“These proposals create a new simpler investment advice regime coupled with the more holistic restructuring of the advice guidance boundary to create a new ‘targeted support’ capability.
“There is also much welcomed additional clarity around how firms can nudge and guide customers to make informed decisions without overstepping into advice. However, whilst a promising start, however this develops, the FCA will need to ensure that there is certainty so firms can provide solutions that generate good outcomes for consumers and have an explicit understanding of how the regulator (and ombudsman) will view them.”
KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.