MPs grill Wheatley over web-based 'advice'; consultation due next quarter

Carmen Reichman

Financial Conduct Authority (FCA) chief executive Martin Wheatley struggled today to answer calls from the Treasury Select committee (TSC) for clarity around advised and non-advised online sales.

Asked by commitee chairman Andrew Tyrie how the FCA was drawing the distinction between advised and non-advised sales on the web where there was no human interaction, Wheatley (pictured) failed to give a clear answer but said the issue was a "real concern". He said it was possible to give advice online to consumers virtually as well as sell non-advised products and that websites needed to "be clear when advice is given and when not". But he admitted that the FCA had reason to revise its current guidance on the issue, and consumers were running the risk of being misled. Wheatley sai...

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