The number of retail investment accounts opened in the last three years has slumped to just over a tenth of its peak.

Boundaries are essential for all sorts of good reasons. They make things clear to everyone involved what’s the right side of the line and what’s not. Blurred lines are best avoided.

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.