We will have to wait and see what happens with Budget guidance and what changes, if any, are made over time to improve the service. Vouchers are definitely a thought-provoking idea because of the multitude of ways they could be implemented.
The positive side is the guidance debate is drawing attention to the importance of advice and we have certainly seen a change in our business since the Budget announcement.
The frustrating element is seeing so many refer to the service as free advice rather than free guidance. That distinction needs to be made clear to people.
Ultimately guidance could benefit advisers, in a strange way, by highlighting how many different options a client has.
Having worked in financial services for many years, I know the more options you give, the more difficult it is for the end-client to choose.
I think guidance will kick-start people into thinking about advice more. It could be a positive thing for advisers but, that said, having us pay the levies does not bode well.