FSA advice study is a 'missed opportunity' says Aifa

Calling the results of the regulator’s latest mystery shopping exercise a "missed opportunity" Aifa has called on the FSA to effectively name and shame firms which are failing to provide consumers with adequate advice. Chris Cummings, director general of Aifa, says: “Even though we are told that the mystery shopping involved IFAs, banks, a product provider and a distributor, when reporting on the outcomes, the FSA prefers to refer to those firms involved simply as 'large and small financial advice firms'. This leaves both the industry and consumers in the dark about which types of firms a...