Public only hears 'advice', says PFS chief Richards

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How the industry distinguishes between 'advice' and 'guidance' is at odds with how the public perceives financial services, argues Personal Finance Society (PFS) chief executive Keith Richards.

The Chancellor, George Osborne, announced a "right to advice" initiative - by which all defined contribution pension holders will have access to "free, impartial, face-to-face advice" - as part of his far-reaching changes to pensions unveiled at Budget 2014. Though the government referred mainly to 'guidance' in its Budget documents, the word 'advice' is also used to describe the same initiative, and Osborne did use 'advice' several times during his speech. According to Keith Richards, this was not an oversight by the Chancellor, but rather hinted at what most people understand 'advic...

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