FCA under pressure to agree on 'common sense' guidance principles

The Savings and Investments Policy Project (TSIP) called on the Financial Conduct Authority (FCA) to draw up a set of 'kitemarks' to allow firms to guide consumers based on what 'people like you' should do. The industry is currently "too afraid" of the regulator to guide consumers unless it's a fully advised process, said Old Mutual Wealth customer director Carlton Hood (pictured), who is a member of the initiative. The FCA published revised guidance on advice boundaries in January but TSIP said the rules around simplified advice and the boundary between guidance and advice were "just...