Treasury launches new Financial Advice Market Review
Week in Westminster
Published: 7 August 2015 | Author: Michelle Vosper
Economic secretary Harriett Baldwin launched a major new review to look at how financial advice could work better for consumers. The Financial Advice Market Review will also examine the “advice gap”; ensure the regulatory environment allows firms to include affordable and accessible advice in their business models; and consider ways to encourage people to seek financial advice. The review will report ahead of the 2016 Budget.
New measures have been announced to crackdown on illegal immigrants renting properties. Under plans to extend across the country, landlords will be required to conduct “right to rent” checks on their tenants’ immigration status before offering a tenancy agreement. And measures in the forthcoming Immigration Bill will go further, by requiring landlords to take action to ensure that a tenant or occupant leaves the property if that person’s leave to remain in the UK ends.
The Competition and Markets Authority has published new guidance to help firms understand unfair contract terms. The guidance has been updated to reflect changes to the law in the Consumer Rights Act 2015 which will come into force in October this year.
Prospective Labour leader Jeremy Corbyn has published his vision for housing policy. Some of the measures include national standards for longer term tenancies and limits on rent rises for the private rented sector; government help for first-time buyers with deposits in return for retaining a share in the property; and giving power to local authorities to be able to suspend right to buy in order to protect depleting housing assets.
And finally some ‘people’ news. Richard Davies has been appointed chair of the Council of Economic Advisers at the Treasury. Mr Davies has been the economics editor at The Economist since September 2014.
While the Financial Conduct Authority (FCA) has announced that Megan Butler will be seconded from the Prudential Regulatory Authority to take the role of director of supervision – investment, wholesale and specialist. Her predecessor Tracey McDermott will take the position of acting CEO of the FCA on 12 September following the departure of Martin Wheatley.