St James’s Place - one of the UK’s largest wealth managers with more than 4,700 advisers - has given a cautious welcome to the FCA’s ‘simplified advice’ proposals published today but warned that the boundaries between advice and guidance must remain clear to avoid consumers being mis-sold.

The FCA has provided more details of what its ‘simplified advice’ or financial guidance proposals may look like if implemented.

The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

The FCA says some progress has been made in encouraging providers to increase savings rates but too many accounts - especially closed accounts - let savers down by paying derisory rates.