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An advice gap is the inability for some people to access financial advice. It happens when demand for financial advice from consumers grows, without a commensurate increase in the industry’s capacity to meet this demand. Like in Australia, a tightening of regulations in the UK is a key reason for the advice gap. In the UK, a regulatory regime called the Retail Distribution Review (RDR), which is similar to our Future of Financial Advice (FoFA), was introduced in 2012 to tighten industry standards. Like FoFA, RDR meant a shift for the industry from commission-based payments to a fee-for-service model. It also required advisers to have higher qualification standards, similar to Australia’s Financial Adviser Standards and Ethics Authority (FASEA) exam.

United kingdomFinancial advice associationEthics authorityAustralia the financial services councilPlanning associationRetail distribution reviewFinancial adviceFinancial adviser standardsFinancial services councilPersonal investment managementFirst wealthLiz fieldஒன்றுபட்டது கிஂக்டம்நெறிமுறைகள் அதிகாரம்திட்டமிடல் சங்கம்சில்லறை விநியோகம் விமர்சனம்