The review, launching today, will also look at what kind of advice consumers want, the gaps between the advice they want and can access and afford, and how these gaps can be closed.
It is the first part of the Financial Advice Market Review, launched on 3 August, which is examining how financial advice could work better for consumers.
Economic Secretary to the Treasury Harriett Baldwin said: “Helping hard-working people achieve their aspirations at every stage of their lives is at the heart of our long term plan.
“A key part of that is making sure that people can access high quality, affordable, tailored advice and guidance to help them make informed financial decisions, whether that is saving for their first home, taking out a mortgage, buying a car, or saving and investing for the future.
“That’s why we’re exploring what more can be done to make sure consumers can access high quality and affordable advice so they can make informed decisions with their hard-earned money.”
Savers reaching retirement have access to free, impartial guidance about what to do with their pension pots but many people do not seek advice earlier on in their life.
Tracey McDermott, acting CEO at the FCA, said: “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.”
The consultation will be open until 22 December, and a final report will be published ahead of Budget 2016.
