What is Regulated Financial Advice?
Regulated financial advice has a specific legal and regulatory meaning. It is a personal recommendation from a qualified individual given after due consideration of the customer's personal circumstances and objectives.It is important to clarify the difference between taking advice and the customer marking their own decisions without going through this process (known as 'execution only').In June 2010 the Chancellor announced changes to the way that financial services would be regulated and this came into effect from 1 April 2013.
Note: A change in the definition of financial advice for regulated firms will come into effect from 3 January 2018.
The Financial Services Authority was abolished and replaced by the Financial Conduct Authority.
