LIA warns FSA on simplified advice

The warning comes in the association's written response to FSA Consultation Paper 04/11:A basic advice regime for the sale of stakeholder products. Chief among the LIA’s points is that new firms of advisers setting themselves up solely to offer “basic advice” on simplified products “causes us considerable concern”. Enabling such basic advice may mark a return to the days of “pure sales operations” that existed prior to regulation, the LIA says. This could see consumers sign contracts and persisting with unsuitable products because of a lack of knowledge. The FSA’s own consumer r...