Can we trust banks to tell us how to get rich by investing?

Sharp sales practices by dodgy blokes in shiny suits have been responsible for a long and sorry list of scandals costing billions.

- JAMES MOORE

And yet, here is the Financial Conduct Authority (FCA), the City's watchdog, trumpeting “game-changing” plans to allow them to offer “targeted support” on pensions and other savings as some sort of holy grail that will get Britain investing.

What does “targeted support” even mean? It's so vague. The FCA and the Treasury, which is the ghost at this table, are concerned that there are millions of people with more than £10,000 who could invest more productively and profitably for the economy. And especially for themselves.

However, less than one in 10 people obtain regulated financial advice that might help. The regulations are strict. Advisers have to conduct lengthy and laborious fact-finds. Their recommendations have to be justified and qualified with wordy documents. It is a trip to the financial dentist, and just as expensive. Small wonder that twice as many prefer to turn to family, friends or social media – an idea so bad it makes my teeth ache - for help with making decisions.

People have spent years trying to come up with something in between strictly regulated financial advice and getting stock tips from your mate's TikTok. Part of the problem was created by the dismal record of banks when it comes to advising on and selling financial products.