FCA: Guidance should help people ask questions, not give answers

Carmen Reichman
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The Financial Conduct Authority (FCA) expects the guidance guarantee to "help people understand the questions they should be asking", not offer choices for them, director of policy David Geale has told MPs.

At a grilling by the House of Commons ad hoc pension schemes bill committee, Geale said he does not want the process to point to any specific products. Geale was asked whether he expects the government's guidance guarantee to include signposting to the cheapest options for the clients.  "What I would expect the guidance guarantee [to do is] to help people to understand the things they should be looking at - to encourage them to shop around - not advise them on the specific products," he said. The guidance guarantee was introduced by the chancellor as an impartial free service for a...

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