There is a “clear need for intervention” in the advice market from the FCA and government, a major review has concluded.

The Financial Advice Market Review has published its main findings and recommendations this morning – including a change in how regulated advice is defined.

The panel called for the Government to consult on changes to legislation to “narrow the definition of regulated advice so that it is based on a personal recommendation”.

They said this would make financial advice and guidance more affordable for consumers.

Crucially, this would create a single definition for regulated financial advice and remove some of the barriers that exist for firms wishing to offer guidance services.

Do you broadly agree with the recommendations of the #FAMR report?https://t.co/E26oRyVIJy

— FP Today (@FPTodayNews) March 14, 2016

Tracey McDermott, who co-chaired the panel, said: “This review has taken place against the backdrop of social and demographic changes which have led to an increasing need for individuals to take more responsibility for their own financial future. But we know that people often find it difficult to engage with financial matters and we need to make it easier for them to do so.

“The package of reforms we have laid out today will help increase both the accessibility and affordability of the advice and guidance to ensure that consumers get the help they really need when they really need it.”

Charles Roxburgh, director general, financial services at HM Treasury and co-chair of the FAMR panel, said: “At a time when more and more people are seeking financial advice and guidance, we have set out how we can deliver a vibrant financial advice market that works in the interest of all consumers. Our recommendations will increase the amount of affordable, high quality financial advice that is widely available so it’s easier for people to access it at every stage of their lives.”

#FAMR Final report published - interesting reading for all market participants which will disappoint and enthuse in equal measure

— Gillian Cardy (@Defaqto_Gill) March 14, 2016