Blog: TISA welcomes tabled amendment allowing for personalised guidance – Professional Adviser

In September, Baldwin spoke in support of the FSM Bill and highlighted opportunities for the financial advice market to offer people more customised guidance through the use of innovation and technology.

During a debate in parliament, Baldwin commented of the now tabled amendment, saying: “It would allow the provision of much more personalised guidance through the use of innovation and technology, helping consumers through difficult decisions such as moving pensions when they change employer.

“That would create a better-informed consumer who would not necessarily fall so easily for some of the scams that we have been hearing about during today’s debate. We need to arm our consumers to be able to tackle those scams.”

TISA strategy director Prakash Chandramohan said: “We are delighted that the Chair of the Treasury Selected Committee has tabled an amendment that would pave the way for regulated personalised financial guidance, providing better mass market support for consumers with their decision making. In these difficult economic times, it is crucial that consumers have access to targeted and effective support to manage their finances.

“Since the original Financial Advice Market Review 2015, little has been achieved for people who cannot afford financial advice. Now more than ever, it is important that we build the necessary foundations for people to be supported to make good financial decisions. At TISA, we are ready and look forward to working with MPs, the Government, regulators and all stakeholders to make this possible while safeguarding consumers.”

FSM bill

The FSM bill was first introduced in the Queen’s Speech in May, and was said to build on the Financial Services Act 2021.

At the time, a HM Treasury release said that the bill would “make the most of the opportunities of Brexit” and revoke European Union (EU) law on financial services, replacing it with an “approach to regulation that was designed for the UK”. It will also update the objectives of the regulators to “ensure a greater focus on growth and international competitiveness,” as well as reform rules around UK capital markets “to promote investment,” according to the release.

On 24 November, the government U-turned on a measure due to be included as an amendment allowing a controversial ‘call in’ power that would have allowed it to intervene in financial regulation at will. In a statement earlier this week, Treasury economic secretary Andrew Griffith said: “The government has decided not to proceed with the intervention power at this time.”

The bill is currently making its way through parliament.

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