Aifa puts with-profits stake in the ground

The initiative was announced at the end of 2004 as a way to benchmark acceptable advice each year given the regulatory, political and cultural conditions existing at the time. It is hoped the scheme will be used in future complaints to the Financial Ombudsman Service (Fos) and in regulatory actions by Financial Services Authority (FSA) to ensure they do not apply regulation retrospectively, but assess firms by the regulatory and political environment existing at the time. Tracey Mullins, director of public affairs at Aifa, says the first ‘stake’ the organisation will gather evidence o...