Ben Hampton, CEO of Wealth Wizards, has been appointed to the working group responsible for the Advice/Guidance Boundary Review.
The review, conducted jointly by the Treasury and Financial Conduct Authority, aims to comprehensively assess the boundary between financial advice and guidance.
The FCA announced the formal review in September 2022 as part of the Edinburgh Reforms and was in December 2022, committed to by Chancellor of the Exchequer Jeremy Hunt.
The review will enable the Treasury and FCA to gather a detailed understanding of how the boundary is operating and what the impact is on consumers.
Sarah Pritchard, Executive Director of the FCA, stated in her speech of 27 September 2022, that the objective is to “reduce the regulatory burden whilst maintaining the right level of consumer protection”.
The primary goal of the review is to provide clarity on the scope within which financial firms operate and offer greater regulatory certainty to facilitate effective consumer support in making financial decisions.
“With our vision and commitment to help the industry deliver financial well-being for everyone, Wealth Wizards is delighted to have been asked to participate in the working group,” said Hampton, whose Wealth Wizards company was 13th on our FinTech 50 ranking last year.
“Drawing on our extensive knowledge and experience in delivering both financial advice and guidance during this review we will provide valuable input to the working group, the FCA and Treasury.
“The blank canvas approach of the review will open up the opportunities to address the Advice Gap, explore how the industry can help more people in the UK get to grips with their finances and deliver greater financial well-being in the UK.
“We believe digital services will be central to helping the industry deliver financial advice and guidance. It will enable financial services companies to provide a broad range of consumers with the information to make better-informed financial decisions, whilst optimising their resources to ensure cost effectiveness.”
Wealth Wizards’s software-as-a-service (SAAS) platform, Turo, is pioneering hybrid financial advice in the UK, while its financial wellbeing solution, MyEva, is a digital adviser in the employer market.
FinTech 50 – UK’s most innovative financial technology creators for 2022