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Proposed financial advice regime could help consumers invest excess cash, UK FCA says

( November 30, 2022, 00:01 GMT | Official Statement) -- MLex Summary: The UK’s financial regulator has proposed a new and simplified financial advice regime to encourage consumers to invest cash. The Financial Conduct Authority published a consultation paper today setting out proposals for a new “core investment advice regime” to increase firms’ confidence to provide financial advice, and support consumers to invest their cash in a stocks and shares investment product. Changes include reducing the level of qualification needed to provide advice to consumers with straightforward needs, limiting the products available and clarifying suitability guidance. A recent study by the FCA found that 4.2 million people have more than 10,000 pounds in cash savings, the value of which could be eroded as inflation soars. Statement follows. Consultation paper attached....

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