FCA under pressure to agree 'common sense' guidance principles

An industry initiative managed by the Tax Incentivised Savings Association (TISA) has called on the regulator to agree on a ‘common sense' standard for the delivery of guidance to consumers.

The Savings and Investments Policy Project (TSIP) called on the Financial Conduct Authority (FCA) to draw up a set of 'kitemarks' to allow firms to guide consumers based on what 'people like you' should do. The industry is currently "too afraid" of the regulator to guide consumers unless it's a fully advised process, said Old Mutual Wealth customer director Carlton Hood (pictured), who is a member of the initiative. The FCA published revised guidelines on advice boundaries in January but TSIP - an initiative backed by 50 organisations and trade bodies - said the rules around simplifie...