The Financial Conduct Authority and U.K. Treasury started a consultation to explore methods to improve consumer access to financial advice.
The consultation will seek to answer what kind of advice do customers want and to address potential gaps between consumers needs and services that are offered.
The FCA said the consultation is the first major milestone of the Financial Advice Market Review.
It released details on its website and said the initial focus would be on four areas.
The FAMR was launched on Aug. 3 and is led by Charles Roxburgh, Director General, Financial Services at HM Treasury and Tracey McDermott, acting chief financial officer at the FCA.
“Helping hard-working people achieve their aspirations at every stage of their lives is at the heart of our long term plan,” Economic Secretary to the Treasury Harriett Baldwin said in statement.
McDermott added: “The financial decisions people make can have long reaching effects. It is important that the market provides accessible and affordable advice when people need it. The review is a chance for the FCA, government, industry and consumers to work together to ensure we can deliver a market that meets this need.”