Gary Bush confirms his position with regard to the UK financial regulators upcoming planned changes on targeted support and simplified advice, as proposed by the Financial Conduct Authority, must not allow providers to walk away from their liabilities if anything goes wrong.
We tend to like simplified processes, but we still count them as within the full advice remit – it's good to attempt to streamline transactions for the benefit of the consumer and advice firm, however we feel full responsibility should be taken regardless.
Some financial products do lean towards a need for simplified advice or guidance due to not being complicated or featuring a low potential for risk, but these decisions should be enforced by the regulator and not left down to providers to potentially push the boundaries too far.
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Link to Original Article: Financial Times - FCA review must not allow firms to walk away from responsibility