Armchair Critic: In search of the meaning of 'advice'

Why an ‘ought' or a ‘should' is so important

clock • 4 min read

In matters of finance, there is information and then there is advice - any other equivocation, argues Professional Adviser's Armchair Critic Brendan Llewellyn, is misguided and doomed

The Treasury has now announced a consultation on the meaning of advice, which is in part intended to open the market for the providers of guidance. Yet, only a few weeks earlier, the Financial Conduct Authority in the form of policy director David Geale said we should not get too hung up on the distinction between advice and guidance. And Michael Johnson, research fellow at think tank the Centre for Policy Studies, said this distinction between guidance and advice is ‘"complete bloody nonsense" because people in the street do not understand it. I would reverse the second statement - peop...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360: Advisers urged to harness TikTok as attention spans decline

PA360: Advisers urged to harness TikTok as attention spans decline

'I can see attention spans massively decreasing in the next few years’

Sahar Nazir
clock 26 April 2024 • 1 min read
PA360: Firms must ditch shortcuts to 'organically build team culture'

PA360: Firms must ditch shortcuts to 'organically build team culture'

Firms urged to ‘take time and understand what matters to advisers’

Sahar Nazir
clock 26 April 2024 • 2 min read
Feel Good Friday: Belmayne donates hi-vis vests to primary school

Feel Good Friday: Belmayne donates hi-vis vests to primary school

To help improve the safety of Bradway Primary School’s youngest pupils

Professional Adviser
clock 26 April 2024 • 1 min read