Simpler advice rules should not mean simpler client understanding

The Financial Conduct Authority's CP26/10 consultation on simplifying pensions and investment advice rules has been widely welcomed and well discussed across the profession. The direction of travel is clear: reduce unnecessary complexity, support more proportionate advice processes and help firms provide different forms of support to a broader range of consumers. Those are positive objectives. For many years, advisers have operated within a framework that often encouraged firms to gather more information than was necessary, produce longer suitability reports than clients were likel...