OK, our regulator says they can’t or won’t ban dodgy (as opposed to fraudulent) investments. Surely, though, regulated advisers could be restricted to advising only on regulated products? That would exclude most bitcoins, holiday home developments in places you’ve never heard of and stuff offering a guaranteed return of 10% or more. Then, perhaps, caveat emptor would apply and those who do the right thing would not have to cough up to compensate the clients of those who couldn’t give a proverbial.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.