In the Financial Advice Market Review (FAMR) issued by the government earlier this year there was a recognition that with increased complexity in pension savings, increasing longevity and the prevalence of defined contribution pensions, more people now need guidance and advice.

However, this report produced by the Treasury and the Financial Conduct Authority, also recognised that some people may only need limited advice or guidance but that consumers and regulated advisers would then need some strict rules around what constitutes advice, guidance and limited advice.

Certainly, the marketplace does not make it easy for consumers with services like the Money Advice Service which absolutely does not provide any form of advice - limited or otherwise - to its users, yet it includes the word 'Advice' in its name. Likewise, do consumers who use online advice models or 'robo' advice feel they are being guided or advised?

To assist consumers, employers and providers in clarifying which providers can deliver such services and their specific responsibilities under each of these services, the government has recently opened a consultation around these issues. This is due to close on 15 November and so we may hear something of the conclusions and findings in the Chancellor's Autumn Statement or shortly after that.