AIFA 'concerned' by FSA's Money Advice Service

Director general Stephen Gay says the word 'advice' in the title will puzzle members of the public as the service is not permitted to provide 'regulated' financial advice or recommend products. The industry-funded online and over-the-phone service, which purports to offer "free, clear and unbiased advice", was launched by the regulator earlier this week. "It concerns me," Gay says. "What the service is trying to achieve is all well and good, but it is called ‘money advice', not 'financial advice'. "How is the customer supposed to understand the difference? What is the difference be...