FCA launches FAMR working group

The co-authors of the FAMR report noted that ‘For our vision of more affordable and accessible advice and guidance to be realised, there will need to be continued commitment and co-operation not only from regulators and Government but also employers, consumer groups and the financial services industry. This collaboration will be a critical part of the ongoing success of FAMR’.

FAMR therefore recommended the establishment of a Financial Working Group, formed of consumer and industry experts, to support progress in the 12 months following the Review’s final report.

The Working Group will take forward the three recommendations assigned to it by FAMR. These include working with employer groups to develop a guide to the top ten ways to support employees’ financial health, and devising a strategy for rolling this out.

It will also publish a shortlist of potential new terms to describe ‘guidance’ and ‘advice’ by Q3/Q4 2016, and lead a task force aimed at increasing consumer engagement.

The Working Group includes a selection of consumer and industry experts from the FAMR Expert Advisory Panel, the Financial Services Consumer Panel, the FCA Smaller Business Practitioner Panel, and the FCA Practitioner Panel.

The group will be chaired by Nick Prettejohn and includes:

- Alex Neill (Which?)
- Caroline Barr (Financial Services Consumer Panel)
- Chris Rhodes (Nationwide)
- Clinton Askew (Chair, FCA Smaller Business Practitioner Panel & Citywide Financial Partners)
- Craig Errington (FCA Smaller Business Practitioner Panel & Wesleyan Assurance Society
- David Bellamy (FCA Practitioner Panel & St. James’s Place PLC)
- Jackie Noakes (Legal & General)
- Jayne-Anne Gadhia (FCA Practitioner Panel & Virgin Money UK)
- Nick Hungerford (Nutmeg)
- Nicky McCabe (Fidelity)
- Richard Freeman (Old Mutual Wealth)
- Dr. Robin Keyte (FCA Smaller Business Practitioner Panel & KEYTE Chartered Financial Planners)
- Sue Lewis (Chair, Financial Services Consumer Panel)
- Steven Cooper (FCA Practitioner Panel & Barclays PLC)
- Teresa Fritz (Financial Services Consumer Panel)