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<p>The Government works closely with the Financial Conduct Authority (FCA), the independent
financial services regulator, to ensure that the market for pensions advice works
well, competitively and fairly, especially as consumers now have a wider variety of
choice, with the onset of pension freedoms.</p><p>In 2017, the FCA published the results
from its Assessing Suitability Review (ASR I) which looked at pension and investment
advice delivered during 2015. The review showed that generally financial advice was
suitable in 93.1% of cases, across a statistically representative sample of the entire
market. The FCA are undertaking further work looking at the market for pensions transfer
advice.</p><p>In August 2015 HM Treasury and the FCA launched the Financial Advice
Market Review (FAMR) and have since then implemented its recommendations to ensure
the financial advice market works better for consumers. The government and FCA are
conducting a review of FAMR throughout 2019.</p><p>The Government is also committed
to ensuring that people have access to free-to-access financial guidance and information
on the options available to them when accessing their Defined Contribution pension,
which is why PensionWise, now part of the Money and Pensions Service (MAPS), was set
up in 2015.</p>
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