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Confusion Over Sources of Financial "Advice" Blamed on Advisers

The Commission for Financial Capability appeared to link consumer confusion over where to seek for advice the lack of growth in 'non-bank' advice. But the comments clearly touched a nerve with many advisers arguing strongly that the cause for confusion was that too many people were labelled 'advisers' as Simon Hassan wrote in comments on the story. Given that proposals to revise the Financial Advisers Act include a narrowing of the category of people that may use the word 'adviser' I think it is fair to say that MBIE agrees with advisers.

 

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