Retail consumers should tick 'I understand' boxes

The study, by a working group of the Centre for the Study of Financial Innovation, suggests an “appropriately trained salesperson” could use a box-ticking exercise after each of a product’s main points to ensure it is suitable for that customer. The City thinktank also suggests there should be “absolute clarity on commissions and other charges as part of simple product descriptions” and urges the FSA to consider the definition of independence as part of its retail distribution review. Compiled by a number of senior City figures, the report, entitled ‘Principles in Practice: An antidote ...