St. James’s Place has welcomed the announcement of the next phase of the Advice Guidance Boundary Review and said in a statement today (15 November) that it looks forward to continuing its “collaboration with the FCA, HM Treasury, and the wider industry to help finalise this critical area of regulatory change”.
Ian MacKenzie, chief operations & technology officer at St. James’s Place, said: “We are passionate advocates of personalised, face-to-face advice, and we strongly believe that increasing the availability of advice is key to addressing the advice gap. However, we also recognise the need for more to be done for consumers who do not currently receive any form of advice. The proposals around Targeted Support present an excellent opportunity—both for consumers and the industry—to bridge this gap.
“Targeted Support should provide a framework that enables consumers to make better-informed decisions. If we clearly define what Targeted Support is—and, crucially, what it is not (i.e., it should not be mistaken for advice)—it has the potential to be far more beneficial to consumers than current guidance.
“There are likely to be multiple avenues for firms supporting retail investors to utilise these proposals in developing new services for those not yet ready to receive advice. We also see opportunities to assist clients who have invested but may no longer be receiving advice to help support their financial goals.”
“We look forward to continue working with the FCA, the Government, and the rest of the industry to finish shaping the designs of these important reforms and ensuring that they serve the needs of consumers and clients.”
