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FSSC launches consultation on improving standards of generic advice

The Financial Services Skills Council is launching a consultation process seeking industry views on standards of people giving generic financial advice.

The FSSC will be approaching the FSA, consumer bodies and employers to improve standards as part of the FSAs National Strategy for Building Financial Capability, with the aim of reassuring consumers and providers on generic advice, which is not currently regulated.

Generic advice includes basic information such as how to open a bank account or how to allocate the distribution of ones investments.

FSSC standards and accreditation director Lucy Courtenay says: Consumers will grow to recognise that all providers working to the standards, regardless of their affiliations, will offer a common level of service, and that the generic financial advice process is not designed to sell them products and services.

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