When and where will consumers be able to access this new advice? The FCA wants to finalise the new regime by the spring of 2023 and to launch it by April 2024.
Here at The London Institute of Banking & Finance, we believe that the most likely providers will be branch-based banks and building societies, and larger advice firms that have the scale to provide broad-based consumer services.
The banks and building societies benefit, too, from being local, trusted and in the places where most deposits are held. Some firms might decide to offer a blended model of robo and in-person advice.
All in all, the new regime will give people options about managing their money that they did not enjoy before and help them move away from apathy to making the most of their finances.
John Somerville is head of financial services at The London Institute of Banking & Finance
