FCA confirms Osborne's 'right to advice' pledge means guidance only

Asked by the Treasury select committee whether it was clear to the FCA what George Osborne had been referring to in his Budget speech last month, when he guaranteed retirees the right to free advice, FCA director of policy, risk and research Christopher Woolard said he had definitely meant guidance. He said: "The word advice with a lower case a is used very commmonly in the financial services industry. "The thing we are working on is guidance. We are absolutely clear about that. We are not asked to put full independent financial advice in front of everybody." Asked by Labour MP Pat...