The ‘dangerous advice’ in question here is not what you might hear from almost any properly authorised and regulated financial adviser. The online and wider world is full of influencers (parents etc.) and those with ‘success stories’ to spread around and publicise, in this case about the ‘real’ way to make money and break the shackles of not having enough money. The danger is that many might put their shirt, blouse or house into unregulated or high-risk schemes as a result, cryptocurrencies, for instance or the many sure-fire property investments popping up all over the internet. OK, you might never be able to pay your mortgage off tomorrow if you steadily save into the sort of medium-risk, managed fund which most of our recommendations involve; but you won’t lose your house either. So unless you have houses you can afford to lose, boring is often best…
“FCA announces plan to reduce regulatory burden on financial services firms”
Our regulator’s latest initiative is to reduce the amount of regulation. It’s become apparent that their previous big initiative, ‘consumer duty’, has made many look at the work they do and clients they look after, and decide that to do the job properly they have to look after less and perhaps charge more for complying with all the detailed compliance the rules require.
