Ken Davy – Chairman, Simply Biz Services
The issue of loss of consumer rights when they purchase on an execution-only basis is, or ought to be, a major issue for consumers and the associations which seek to protect them.
Unfortunately, these organisations often seem to know the price of everything and the value of nothing as far as the difference between advice and execution-only is concerned.
I am sure your campaign will lead to a change of attitude, particularly if you keep the attention focused on the potential damage a consumer can suffer by misbuying on an execution-only basis.
Nobody is saying that advice will always be perfect but the difference is that if you have taken advice, you have the full range of consumer protection remedies open to you while on an execution-only basis, you sign away all your rights (which politicians and others have fought for years to establish).
In my own small way, I called for the wealth warning to be added to the disclosure documentation a number of years ago (you probably have an article by me about this on file somewhere) not to stop people buying in this way but simply to ensure that they understand that they are giving up their consumer rights.