Advice exemption proposals included in FSMA review

The question comes in consultation papers published by the Treasury as part of the two-year review of the Financial Services and Markets Act, which will result in amended secondary legislation. Evidence is cited in the documents that advice centres must take an overly cautious approach to helping consumers with pensions, mortgages and endowments because of fears of the consequences of offering “misguided financial advice”. However, the Treasury says in cases where debt issues are pressing, even flawed advice is better than offering no advice at all. ”Where uncertainty about the eff...