The section www.moneymadeclear.fsa.gov.uk/guides/advice/getting_financial_advice.html surely and clearly indicates that the site may purport to offer some level of advice.
After all, what can be the logical interpretation of the display of the different products from different lenders after the site has ‘filtered’ the client’s requirements?
Are we to say that this is not tantamount to soliciting business or, at the least, directing clients towards applying to the lenders which show up in the results?
Can someone please just educate me further on how the client is able to fairly decipher the different details of the different lenders’ products to get the best fit without an independent, qualified and experienced adviser?
What happens if the client simply approaches the lender on the strength of this ‘research’ from the UK’s financial watchdog website? Who is therefore responsible for any potential bad ‘advice’?
Surely not the FSA? Is this treating the customer fairly or is it a case of do as I say, not as I do? The site does not even prominently promote a need to seek independent financial advice. Frankly it was a poor exercise in futility.
I suspect that the best approach going forward is for the average broker to launch his own website along the same lines as the FSA’s; claim to be a simple sales site and not one for advice but put his name on display anyway should the need for advice arise.
Simple isn’t it? Forget any notion of being compliant. Perish the thought. Simply remember to use all manner of dubious disclaimers and presto. All will be well. Right? Wrong. The FSA should firstly sanction itself and the team that designed and released the site in the same way it would a broker or hang its head in permanent shame.
Then, as best as possible, interface with the needs of intermediaries – a true representation of intermediaries, not just those that have the ear of the powers that be. Catch my drift?
The way I see it, we are getting to a point where the debate has to be had as to whether the FSA, or a disgruntled and goofy civil servant behind a desk enclosed within a cubicle, is intent on disguising a morbid desire to over-regulate the market, kill off intermediaries and generally present a holier than thou image. Don’t ask who it would be fooling though. Not me for one.
This afternoon, I shall be reviewing my site and plagiarising the FSA site (yes, I will) so that I can sleep easy knowing that I am not going to be sanctioned as long as I am not offering ‘advice’.
Have a good day.
Via e-mail
