The head of the organisation charged with promoting and setting standards for financial planning around the world believes it is possible to communicate its value to a UK public already sceptical about broader financial services.
Noel Maye, CEO of the Financial Planning Standards Board (FPSB), said the "overuse, misuse and abuse of terms" in the financial advisory market is undermining efforts to educate consumers, but that regulators, professional bodies and other stakeholders can change that. Though the UK, compared to many other nations at least, is committed to holistic financial planning, an immediate problem according to Maye is that visiting a financial ‘adviser' still means a multitude of things. He said: "The biggest challenge to consumers is: do I know who I'm talking to? You're a doctor, receptionis...
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