Gosling's Grouse: A moral maze for advisers

Case of two advisers

As an adviser, is your duty to your client first, or the regulatory system and the FCA?

On the face of it, this seems a preposterous question. Surely your duty is to the client first and foremost? It is what you might call the moral maze of financial advice. As an issue, it had not really hit me as explicitly as this until recently when talking to a couple of advisers at a conference and I innocuously asked them both how business was. "Good, very good,"  they said, which is encouraging and then, ironically, they both said the main reason was they are getting a steady stream of pension transfer cases coming their way. FCA warns pension investors need greater drawdown p...