In response to the FCA's consultation on how to make it easier for firms to give more simplified forms of advice to consumers, the ABI shared the following comment:
The FCA’s making good progress on its ambition to close the advice gap. Alongside targeted support, the regulator's plans to simplify the advice rules are a positive step in the right direction. But in their current form, they don’t go far enough to deliver that ambition at scale.
"With growing numbers of consumers turning to unregulated AI tools for financial help, there is a clear need for simple advice services to provide a safer, regulated alternative. However, further work is needed to ensure these services are commercially viable and capable of meaningfully expanding access to support.
Tom Shields
Senior Policy Adviser, Long-Term Savings