Clear MAS signposting might help with the word ‘guidance’
The need for good financial advice at retirement is obvious and the Government and the regulator need to make sure that this is proper regulated advice as laid out in legislation.
If the Money Advice Service is indeed to be re-engineered to include clear signposting to financial advisers then this should be welcomed by the profession. It is however clear that language is the key factor that seemed to irritate many financial advisers.
The debate over advice and guidance and indeed the word free are just some examples of what I mean.
The problem with using the word guidance is it will open up even more of a problem in the execution-only marketplace which in my opinion is already out of control.