Technology will be instrumental in helping government and the regulator in their aim to deliver personalised financial guidance and more affordable advice to potentially millions of people in the UK, says Wealth Wizards.

In a recent amendment to the Financial Services and Markets Bill, currently in the House of Lords, Treasury Committee chair Harriett Baldwin MP*, proposed a new ‘personalised financial guidance’ capability in the UK.

To date many financial services firms have shied away from offering guidance due to lack of clarity on what constitutes guidance as against advice. This has restricted offerings in the market. The amendment, if included in the final Bill, would allow guidance to be given to savers and investors which considers their personal circumstances. This would give financial services companies confidence that as long as they do not recommend a specific product or course of action, they would not be considered to be giving regulated advice.

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