The introduction of the freedom and choice pension reformer were a “game changer” for the financial advice market, the Financial Conduct Authority’s director of policy David Geale has said.

Speaking on a panel session at the Festival of Financial Planning in Birmingham, 8 November, Geale said that financial advice has “been brought far more starkly into focus by the pension freedoms”.

Geale spoke about the Financial Advice Markets Review (FAMR) and said it will continue to be an element of focus for the FCA. He noted that solving the advice gap isn’t about one thing; it is about a range of different models.

He reiterated that FAMR is focused on three key areas, affordability, accessibility and redress, and is designed to “attack barriers to people accessing advice”. He said he would like consumers to be more engaged with their own financial affairs.

Chair of the panel, Personal Finance Society CEO Keith Richard also spoke about the advice gap, and said the announcement of the FAMR was the “government owning up to the fact that an advice gap existed”.

“It is estimated than some six million consumers, who can afford to pay for advice, that need advice, currently don’t access advice,” he said.

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