At the most recent Professional Skills Training course, the 'best' answer for advising my grandmother on an insurer selection was given as: "You should do your research on the company and read the terms and conditions carefully, then make an informed decision." This answer was in preference to four others, including asking a financial adviser.
While some actuaries undoubtedly have very canny nannies, we must consider this a whopping #advicefail for the average nan's financial understanding. Speaking to a financial adviser is surely the most appropriate advice to most nannies and members of the public.
I'd offer an 8/10 for the course's focus on whistle-blowing, but a Eurovision nil-point to all the actuaries who didn't mind the advice gap. Let's be sure that our financial sense makes sense.
Nick Spencer, 2 June 2015