The financial advice market is on the brink of yet further change following the publication of the FCA’s Financial Advice Market Review. The review concluded in March 2016, making recommendations for a healthier, more accessible market that should support advisers in improving their reach among consumers. It suggests elevating the role of the employer in delivering financial advice and engineering conditions to make automated advice services successful, with the objective of improving accessibility and financial wellbeing.

The Government has opted to withdraw the Money Advice Service and pension guidance services from consumer-facing activities, instead choosing to use the organisations to sponsor third parties to deliver advice where it is most required. This leaves plenty of room for advisers to tackle the advice gap if they so choose, but many independent advisers are struggling under the cost of providing independent services as it is, leading many to sell up to larger networks.

This Report explores consumer attitudes towards financial advice, examining use of advice in the last three years and most recently used sources of advice. The Report also examines people’s likeliness to look for advice in the future across a range of different financial products and seeks to understand attitudes towards and the opportunities for robo-advice.