American asset manager Vanguard has secured approval from the UK’s Financial Conduct Authority (FCA) to launch a retail investment advice service in the UK.
In a letter to its clients, Vanguard head of Europe Sean Hagerty said that the firm intends to introduce a direct to consumer financial advice offering in the UK market.
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“The provision of advice will never be one-size-fits all, and it is important that investors are able to access advice in a manner that suits their particular preferences,” Hagerty stated.
However, he noted that the plan is in the early stages.
Hagerty further noted: “Investors should have access to advice that is robust, low-cost and that puts their interests first.”
“Financial advisers will always play an important role in providing holistic wealth management and counsel to investors who want a more personalised service,” he added.
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By GlobalDataDevelopments at Vanguard
Last month, Vanguard collaborated with Ant Financial Services to deliver retail investment advisory services in China.
In 2018, Vanguard received the go-ahead from the Irish financial regulator to set up a management company in Dublin. The move is in response to the uncertainties created by Brexit.
Vanguard, which entered the UK market in 2009, specialises in passive funds.
Last October, Vanguard reduced its fees across 36 funds. Earlier last year, the firm also lowered fees on its UK-domiciled active fund range.
