Professional Adviser's Armchair Critic Brendan Llewellyn has this advice - or guidance - for any non-advisory service: call it what you will so long as its name and style do not imply the giving of advice
The Financial Advice Working Group's conclusions on the distinctions between advice and guidance is entirely incoherent and its recommendations on how to use the two terms is well set to fail. First, it is attempting to solve a problem that should not be there. Consumers need to know if they are being offered regulated financial advice. They need to know that, while it is still their decision, their adviser is offering the advice taking full account of their circumstances - it is personal advice. If it is not advice, there is no value in coining a term - guidance or otherwise. Still, if ...
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