The review will scrutinise the Financial Ombudsman Service and the Financial Services Compensation Scheme, while one of its key aims is to help people without significant wealth get advice.
It will also look to break down regulatory barriers to advice and give firms clarity, while the review will examine how to utilising technology for consumers.
Advisers will be consulted until 22 December and the final report will be published ahead of next years’ budget.
The Citizens Advice is conducting its own report, published later this week, which will look at the size and shape of advice gaps in the UK.
Gillian Guy, chief executive of Citizens Advice, said: “The Government, IFAs, financial institutions, consumer bodies and charities should take this opportunity to work together to meet needs of consumers who want who want help to make the right decisions for their future.
“Getting the right money advice, support or guidance can be the key to a secure financial future.
“To be a success the Financial Advice Markets Review must understand the full extent of the problems around the advice gaps.
“The price and availability of products and services is important, but the review must also address gaps in people’s knowledge and understanding of what help they can get with planning their finances, and how to access it.”
