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Comment of the week: Consumers who think they received advice but didn’t

Comment of the week

Online comment relating to story: Law firms question FCA execution-only disclaimer view

An interesting point and one I tend to agree with. I have seen first hand people who think they received advice when, in fact, they were sold a product “unadvised”.

Consumers often do not fully understand the legislative protection available nor the differing nature of advice.

Small print is an interesting one. I have recently seen a will writer website clearly setting out that they offer services and solutions which can be used to avoid care home fees, only to then say, in very small print at the foot of the page, that their solutions should not be used to avoid care home fees. A complete contradiction but, hey, the disclaimer is there.

Perhaps all clients should have to sign (or click) a statement outlining the nature of advice (or otherwise) the transaction is subject to, whether that advice is independent or not and whether FSCS/legislative protection applies to the product.

Paul Stocks

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