The FSA has sent letters to executives at key financial services trade bodies to remind firms the acceptance of inducements by intermediaries could be seen as a conflict of interest for consumers.
Protection and general insurance advisers who may be new to FSA regulation may needed to be reminded it is largely their responsibility to ensure they do not take ‘inducements’ from insurers which could be seen to conflict with their duties of acting in the best interests of clients. While the FSA is keen to stress the ,a href="www.fsa.gov.uk/mgi/letter_01feb05.pdf)" target="_blank">letters are not guidelines and specific examples will not be set, circumstances which could be seen as inducements include attaching inducements on the expectation a contract with a particular customer will b...
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