Why call it 'Guidance' rather than 'Advice'
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I use the word ‘guidance’ rather than ‘advice’ because UK legislation means that there are strict rules around financial advice and only a regulated financial adviser can give ‘advice’. This is to protect the public from unscrupulous advisers, of which there used to be many. However, the problem is that having to be regulated (by the FCA) is costly and burdensome resulting in financial advisers having to charge significant sums in order to cover their costs.
This has resulted in what the regulator freely admits is ‘the advice gap’. Where millions of people across the country could benefit significantly from some help in financial matters -including pensions – but can’t afford to pay a financial adviser, or whose income and savings are not big enough to be of interest to a financial adviser.
I am trying to do something to fill that gap. I have the qualifications to be an adviser but I am not selling anything. I will not be recommending a specific product or provider, but I will provide you with the knowledge and information you need such that you can make key decisions about your retirement income.
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