Mis-selling to be defined by the FSA

The FSA intends to define mis-selling in the near future, following Ron Sandler's recommendation that the term needed greater clarification for product providers, intermediaries and consumers. The move is included as part of the regulator's proposals concerning the problematic professional indemnity insurance (PII) market. In its consultation paper on PII issued on 3 February, the FSA claims current difficulties in obtaining cover are based on past reviews initiated by the regulator and the threat of further reviews in the future. While it will look to define mis-selling in the fut...