The Meaning of Life

If we’re confused as an industry by these questions how can we expect consumers to know the difference. The Ombudsman says that just because the initial disclosure document (IDD) says a sale is ‘non-advised’, this doesn’t mean that no advice will have been given. In fact, the Ombudsman’s view is that as little as a nod in the wrong place, or a yes over the phone at the wrong moment, could constitute financial advice, regardless of what the paperwork says. Several sets of independent research show there is significant confusion among consumers over what does and does not constitute advice...