Unregulated advice

fairleads

bigadaj wrote: »

Sorry missed the axe grinding in front of me.

Thats because its in the eye of the beholder

purch

You can sue me if you like :eek:

sweeneytodd

fairleads wrote: »

Have to say that its only wild if we allow it to be. Unfortunately life is less a of school, where we were taught, but more of a university, where we have to learn. Education is the best protection.

I'm reminded of Tonto's rhetorical question to The Lone Ranger 'Who's this 'we' paleface?':)

There's some great advice in here but there's also stuff that makes my toes curl that would have resulted in censure and/or regulatory action had the poster been giving his or her advice in a professional capacity.

I'm not against the idea of self help per se but I worry some of the self professed 'experts' are not at all what they portray themselves to be. It's a bit like chatting to a lithesome female online only to find out it's actually a 20 stone trainspotter who still lives with his Mum.;)

atush

gadgetmind wrote: »

I'm sure that kitchen and bathroom fitting companies might say otherwise.

I think it is far easier to learn about finances and investing than it is to learn to be a plumber good enough to refit a bathroom ;-)

jamesd

You have no regulatory protection at all for following or ignoring any suggestions or discussion made here. Roughly, for advice to be regulated it has to be conducted as part of a business for money. Those posting here don't make money from it and/or aren't doing it as a business activity. Those who are in the advice business already also need to avoid promotions here. And everyone needs to avoid illegal stock market manipulation because that's regulated whoever does it.

Often, the products can only be purchased from a regulated business and at that point you'd get the full regulatory protection from the transaction with that business. Advised or unadvised transactions would offer different levels of protection. Advised by an IFA has a lot of protection, including an obligation to pay redress for improper advice that would put you back into the position you'd be in if you had been advised properly originally.

Pay careful attention to dunstonh and watch out for what those who spend most of their time in acrimonious arguments write.

gadgetmind

Advice here (and on Monevator, Motely Fool, and many other places) may be unregulated, and may vary in quality, but I'd just like to say that it's all been 100x more use to me than all of the expensive advice that I've had from IFAs and accountants.

Learning about investing from those who've been doing it personally for many decades and business cycles, and who've seen different investing fads come and go, has been exceedingly valuable and my retirement plans wouldn't be in anything like as good shape without it.

I will continue to get detailed advice from professions when I feel it's necessary, but I feel that my basic knowledge is now solid enough that I'll know when the time is right and be able to tell good advice from someone just trying to churn my investments so there's some cream to skim.