On 11 April 2017, the FAWG published the report of its inquiries, based on over 1,000 surveys of consumers on their understandings of the meanings of 'advice' and 'guidance', as well as numerous interviews with consumers.
Accordingly, on 11 April 2017 the FAWG presented the findings of its inquiries, based on a comprehensive review of relevant academic literature, with further market testing scheduled during 2017.
198) In its April 2017 progress report on the implementation of these recommendations, the FAWG reported that consultation was underway with firms and industry associations to develop this regulatory guidance which would include guidance for firms to contact consumers to encourage them to evaluate their financial circumstances, without such actions constituting the provision of a 'personal recommendation'.
200) In response, in March 2017 the FAWG noted that the FCA and TPR were developing a fact sheet to guide employers and pension fund trustees in providing guidance without being subject to regulation.
It is intended to be an interim step in the process (to PBR implementation,) but that will take a little time, and we already have that mechanism of FAWG," Torti told Indiana Commissioner of Insurance Stephen W.
The Indiana commissioner had expressed reservations about FAWG becoming a captives bureaucracy, but wants to participate in the process.
FAWG is charged with supporting, encouraging, promoting and coordinating multi-state efforts in addressing potential solvency problems, including identifying industry trends.
In most instances, FAWG
has determined that domiciliary regulators have dealt with troubled companies appropriately, but there have been cases where FAWG
has encouraged states to move more quickly than they might have otherwise.