Industry develops standards for generic financial advice

The FSSC says generic financial advice, which can cover everything from giving very general basic information, such as how to open a bank account, to advice on how someone could allocate the distribution of their investments, is not subject to regulation in the UK. The aim of the standards is to give reassurance both to consumers and to providers, which range from banks to consumer groups. Vernon Everitt, FSA consumer sector leader, says generic financial advice could potentially play a major role in increasing the financial capability of consumers in the UK. Everitt believes the establ...