The Treasury Select Committee has backed government plans to launch a range of ‘lighter touch regulation' Sandler products, providing they are sold using the FSA's basic advice regime to counter the prospect of consumer ‘mis-buying'.
Details of the TSC report - on confidence in the long-term savings industry – says it notes the concern of representatives from both industry firms and consumer bodies about the sale of products without any form of advice particularly where equity-based products are sold, so the TSC backs current testing by the FSA of a reduced or basic advice process which takes 30-40 minutes to complete on sale of a pension. At the same time, the TSC suggests it should still be the responsibility of financial services firms to ensure consumers are given access to the FOS complaints procedure. “The ...
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