FINANCIAL ADVICE MARKET

That this House notes that the recent changes to pensions and savings legislation have meant consumer access to good, clear and affordable financial advice is now more than ever both important and essential; further notes that recent research by the Association of Professional Financial Advisers found that 69 per cent of their professional body had turned away potential clients in 2015, the most common decision for doing so being affordability, where services advised were uneconomic for clients needs and circumstances; believes that such advice is essential and is concerned that the impact of the current regulatory levies system is leading to higher costs of advice for consumers; and calls upon the Government and the FCA in the wake of the Financial Advice Market Review to ensure that any further FSCS levy approach examines all possible solutions, including affordable cost models to support the creation of a more sustainable advice sector which would then be well placed to both innovate and offer the necessary range of affordable services to a broader range of consumers.