FCA defines difference between 'information' and 'advice'

The Financial Conduct Authority (FCA) has laid out for firms what it views as the differences between ‘information' and ‘investment advice' - and when information can be advice.

According to the regulator's guidance paper on different retail investment sales models, the difference between ‘information' and ‘investment advice' is the element of opinion or judgement on the part of the adviser, either in person or, for example, online. Regulated advice involves recommending a course of action or making a judgement on the merits of exercising a right, for example to sell or buy. The FCA said in general, giving someone information and nothing more does not involve giving regulated advice. For example, giving facts about the performance of investments, the terms ...