ABI: Simplified advice 'unlikely to work in practice'

The regulator yesterday issued final guidance on simplified advice and, despite calls from within the industry for a relaxation on the rules around qualifications, the need to assess consumer debt and complaints procedures, it was left largely unchanged. Predicting many consumers would be left without advice post-RDR, Maggie Craig, director of financial conduct regulation at the ABI, said the guidance left the problem unresolved. "The simplified advice model was a collective industry effort to find a workable solution to this problem, so we are disappointed by today's FSA guidance, wh...