The Oxford dictionary define ‘advice’ as a noun meaning “guidance or recommendations offered with regard to prudent action.”
The Oxford dictionary defines ‘guidance’ as a noun meaning “advice or information aimed at resolving a problem or difficulty, especially as given by someone in authority”
And that is the problem; in reality they both mean the same thing.
Regulation does not do ‘nuance’, again a noun, meaning “a subtle difference in or shade of meaning, expression, or sound”.
Regulation does do ‘conundrum’, meaning creating or posing “a confusing and difficult problem or question” or consensual.
Synonyms for ‘conundrum’ are “a problem, difficult question, vexed question, difficulty, quandary”, and for consensual “binding, contractual, unanimous agreement”.
The Holy Grail for the ‘low end saver’ (as Mark Garnier MP describes the disenfranchised consumer) is to try and create a process for the delivery of ‘simplified’ advice.
Simplify is a verb, meaning to “make (something) easier to do or understand”.
Unfortunately what regulation does not do in the search for simplification is to de-risk, a verb meaning to “take steps to make (something) less risky or less likely to involve a financial loss, the action and effect of making something easier”.
Until regulation assumes some responsibility, a noun, meaning “the state or fact of being accountable or to blame for something” progress will never be made”.
Could this be because of industry vested interests? As ‘Keef’ Richards once said “In the business of crime there’s two people involved, and that’s the criminal and the cops. It’s in both their interests to keep crime a business, otherwise they’re both out of a job.”
The same for regulation make it simple and some regulators and some advisers are out of a job………………Just a thought.