Sesame chief attacks 'Frankenstein' sales advice and long-stop

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Sesame executive chairman Ivan Martin has criticised the FSA's 'sales advice' category proposed in its RDR feedback statement as a "Frankenstein creation".

He also hit out at the regulator's decision not to reintroduce a 15-year long-stop for complaints. Speaking at the Sesame Symposium in London, Martin said the network welcomed the creation of a sales channel. However, it was very worried about the confusion created by having a 'sales advice' category. "I am tempted to conclude that this Frankenstein creation is nothing other than a sop to bankers who, having killed the goose that laid the golden egg, are desperate to ensure that they can continue to peddle expensive investment products wearing a mask of respectability that comes from call...

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