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Comment of the week: Regulatory concerns on simplified advice are real

I have to say I am disappointed that the FCA has said this, as surely they must realise they are the reason for the advice gap – along with all the other well-meaning legislation and rules.

Until we get somebody that stops and looks at the whole picture of financial services businesses and regulation it will be a race to the bottom, I fear, and to the demise of face-to-face advice except for the wealthy or financially savvy.

I personally would not risk my small business for the sake of simplified advice. There are too many retrospective ‘ifs’, ‘buts’ and ‘maybe’s’ as well as concerns about interpretation by the FOS and FSCS. 

With my PI excess standing at £10k and any profit margin being small, for me this area is a disaster waiting to happen.

You only have to look at the fiasco of stakeholder pensions and the unfolding mess of auto-enrolment to see this being the next big mess to blame on us.

Greg Heath 

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 1st May 2014 at 6:56 pm

    Hadn’t you heard? According to Rory Percival, it’s just a matter of interpretation, and the reason advisers are now charging so much for their services is because we’re OVER-interpreting the FCA’s guidance. Examples of such consumer-disadvantaging practices are yet to be forthcoming though. So tell us, Mr Percival ~ just which corners can we safely cut without being hauled over the coals in the wake of the FCA’s next “thematic” review or nailed to a cross as a result of the view taken by an FOS adjudicator?

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