Talking point: Do you define advice as an ongoing service?

Arguments made by commentators question whether the FSA is seeking to change the rules about retrospection again when Sarah Wilson said IFAs should review their clients to ensure they are prepared for changes in pensions rules ahead of A-Day. What is striking in this debate is discussion suggests most small IFA firms now state in their terms of business they do not give ongoing advice to clients unless it is specifically asked for. Has the definition of financial advice, as many firms see it, changed? After so much industry emphasis on delivering a service to consumers, IFAs appear...