Merryn Somerset-Webb

They made me sit an exam on giving financial advice. And I’m glad

The old British tradition of unqualified advisers is one we should be happy is gone

[Getty Images/Shutterstock/iStock/Alamy] 
issue 24 May 2014

There was a time, not that long ago, when financial advisers as we know them today didn’t really exist. Pension and tax advice came from accountants. If you bought shares you bought them via a stockbroker (who gave you advice along the way). Unit trusts came directly — you responded to advertisements or perhaps got your accountant to do it for you.

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