FSA: Protection has priority in simple advice process

The regulator warned advisers not to rely on clients to judge for themselves that they have sufficient protection and savings already in place. It also stated that advisers must consider a client's level of debt and savings before approaching investment products. The guidelines were issued in its guidance consultation on simplified advice, in which the FSA noted that a simplified advice process may be appropriate for consumers who: a) have their priority needs met, that is, they do not need to reduce existing debt, they have adequate access to liquid cash (i.e. savings), and have a...