Baroness to banks: You're lucky to be able to use word 'advice'

That is the verdict of Baroness Sheila Noakes, the Conservative Party Treasury spokesperson, addressing British Bankers' Association (BBA) retail policy director Peter Tyler at a meeting of the All Party Parliamentary Group at the House of Commons yesterday. Tyler had described the term ‘restricted advice' - that proposed by the FSA to make clear to consumers they are dealing with an adviser with ties to one or more product provider - as "pejorative". "We feel the term 'restricted' could confuse and deter consumers from taking advice," he said. "To us, it seems to reflect the quality ...