IFAs not responsible for Kaupthing risk: AIFA

At the Treasury Select Committee's Banking Crisis Enquiry, an MP asked whether AIFA was 'passing the buck' by arguing responsibility lies with the provider rather than the adviser. However, Chris Cummings, director general of AIFA says the organisation has worked with the Association of British Insurers (ABI) and the FSA to work out the respective responsibilities of each partner. "The ABI, with the full consent of its members, set out a position that as the people who designed the products they have a responsibility for making sure those products are fit to purpose, well-targeted and i...