An advice gap is the inability for some people to access financial advice. It happens when demand for financial advice from consumers grows, without a commensurate increase in the industry’s capacity to meet this demand. Like in Australia, a tightening of regulations in the UK is a key reason for the advice gap. In the UK, a regulatory regime called the Retail Distribution Review (RDR), which is similar to our Future of Financial Advice (FoFA), was introduced in 2012 to tighten industry standards. Like FoFA, RDR meant a shift for the industry from commission-based payments to a fee-for-service model. It also required advisers to have higher qualification standards, similar to Australia’s Financial Adviser Standards and Ethics Authority (FASEA) exam.