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

Scott Sinclair
clock

Tied and multi-tied advisers should consider themselves "very lucky" they may be able to use the term ‘advice' when explaining their offering to consumers.

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why good advice relies on asking difficult questions

Why good advice relies on asking difficult questions

Difficult questions a 'core feature' of good advice

Ahmed Bawa
clock 21 November 2025 • 4 min read
Advice firm revenues hit £6bn in 2024 but job numbers fall

Advice firm revenues hit £6bn in 2024 but job numbers fall

Retail investment adviser posts across all firms fell to 37,441

Isabel Baxter
clock 21 November 2025 • 2 min read
Feel Good Friday: Castlefield sponsors and takes part in annual sleepout

Feel Good Friday: Castlefield sponsors and takes part in annual sleepout

Event has raised £28,334 so far

Professional Adviser
clock 21 November 2025 • 1 min read