FSA takes long and winding road on mis-selling

The FSA's "note" sent to AIFA and other trade bodies and consumer groups last Thursday on the issue of mis-selling has received cautious welcome for at least attempting to address the issue. But as the FSA's own cautious stance has proved, mis-selling remains a serious pitfall for the entire financial services industry. Faye Goddard, AIFA technical director, says the FSA has provided a "long and legalistic" letter that "restates the obvious" and that "does not provide a punchy definition" of mis-selling. However, AIFA is also of the opinion that there are positive aspects...