Comment: The dangers of 'friendly' advice

Scott Sinclair
clock

It's Thursday night. You're at the pub with friends. The conversation turns to investing and, when you're asked for your opinion, you give it.

Six months later a letter arrives. It's signed by a friend who was at the pub that night, and a solicitor. You gave faulty advice, it reads, and it's cost them money. The pub is not, one would think, a wise place to impart financial advice. But you're a qualified financial adviser. So, where do you stand if you receive a complaint like this? The CII recently issued what it called a ‘thinking' paper on pro bono work in financial services. Voluntary work, it said, should be seen as equally important in the eyes of consumers as qualifications. But it also said pro bono work is relativ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Nine Edge Wealth sponsors young Scottish boxer

Feel Good Friday: Nine Edge Wealth sponsors young Scottish boxer

Sponsors Lara Brown

Professional Adviser
clock 17 July 2026 • 1 min read
Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Aimed at women at different stages of life and careers

Professional Adviser
clock 16 July 2026 • 3 min read
Women in Financial Advice Awards 2026: Shortlists revealed!

Women in Financial Advice Awards 2026: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 4 November

Professional Adviser
clock 15 July 2026 • 10 min read