Those of you who read this column last week may recall that I wrote: "Good advice must never be labelled as poor until it has been proven so" (bit of a naff statement, looking back).
I was referring to Keydata advice. At the time of writing, lawyers Herbert Smith, on behalf of the Financial Services Compensation Scheme (FSCS), had just issued proceedings against hundreds of advisers it was accusing – based, it seems, on little evidence – of giving faulty advice. This week has so far been all about Arch Cru after the FSA announced proposals for a compensation scheme which may see some £110m returned to investors via the advisers who, it claims, mis-sold the funds. This development has potentially far-reaching implications for this industry. If the FSA’s suggeste...
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