Fog of uncertainty remains over simplified advice, says Moss

The regulator's interpretation of its own regulations "is consistently caveated by the words ‘depending on the circumstances'," and is therefore unclear, Moss said. A guidance consultation published last week sought to clarify the boundaries between the five retail investment distribution models, the FCA said. While stakeholders were clear on the two "extreme" models - full advice and execution-only - the consultation aimed to provide clarity on the remaining types: simplified advice and limited, or focused, advice in particular. But Moss said the regulator had not succeeded, and p...