If the FCA and potentially the Financial Ombudsman Service are going to hold me to the regulator’s definition of what constitutes ‘advice’ or ‘guidance’, then I think I am well within my rights to require George Osborne and the powers that be stick with that very same definition.
One point that everyone, including PFS chief executive Keith Richards, seems to be agreed on is that people need to be educated about what exactly constitutes advice or guidance and what protection, etc, comes with each. The Government, the Money Advice Service and now industry spokesmen happily interchanging the two terms does nothing at all to educate the public. In fact, it does the complete opposite and further muddies the water.
The FCA must make clarification of the advice or guidance argument a priority before April 2015 or there will be a lot of people finding out at retirement that the Chancellor’s word is no good. Although, some may already suspect that.