'Providers not responsible for policing advisers'

In its discussion paper on the division of responsibilities between provider and intermediary in treating customers fairly (Tcf), the FSA states providers are not responsible for what the intermediary says when it gives advice or makes sales and, similarly, they are not required to police the intermediary’s actions. Instead, the FSA says providers have an obligation to monitor their distribution channels “at a high strategic level”, for example by mapping their projections for sales volumes and distribution patterns onto actual volumes and patterns achieved. Any unexpected peaks or di...