Generic financial advice can help those consumers who find financial services bewildering and need assistance in identifying their financial needs and making better decisions, suggests an FSA working group.
That said, evidence suggests there are still key decisions to make, however, as to how this advice can best be provided. The FSA Generic Advice Working Group report Building Financial Capability in the UK: the role of advice, attempts to define generic advice and poses questions to be resolved if generic advice is to be made available to consumers. In particular, the Group asks how generic advice services can remain distinct from the sales process without leaving people uncertain where to turn next. It also acknowledges generic advice tools and services can fail to result in benefi...
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