National press pound Smee's TSC performance - papers 12th May

The Treasury select committee argued 250,000 people, mostly aged over 60, had lost around £2bn in high-risk precipice bonds - the majority of which were sold by IFAs. When challenged to explain why the Association of IFAs had failed to intervene, Smee told MPs most were sold in 1999/2000 when the association was then being set up.MPs also questioned whether consumers really know how much commission they pay over the life of the product. THEDAILY TELEGRAPH accused Smee of "leaving the customer swinging in the air" when Smee failed to condemn the actions of firms which sold risky precip...