Selling stakeholder products through a basic advice process may increase the risk of future mis-selling because it will effectively reduce consumer protection, the Consumers' Association warned today.
It will also destroy consumer confidence in the long-term savings market, the Association said. The FSA yesterday published a consultation paper, suggesting unqualified sales people should be able to advice on the government’s new range of simple savings plans, in the hopes it would increase long-term savings in the UK. The CA criticised the proposal, deeming it both as "flawed" and "dangerous". Mick McAteer, CA's principal policy adviser, said: "Proposals to reduce consumer protection will be a huge incentive for companies to mis-sell. The FSA seems to have chosen to address the l...
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